Inventory/Fixed Assets
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Inventory/Fixed Assets |
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Assets
Director of Accounting Anna Winand 713-740-0001 Staff Accountant Cynthia Schlesinger 713-740-0879 Accounting Kathy Mullikin 713-740-0010 Secretary, Director of Accounting Elsie Cobb 713-740-0012
Assets in our Lawson System are broken down into two groups: Capital Assets and Inventory Assets Capital Assets are identified according to the guidelines set forth in the Financial Accounting Resource Guide (FAR). The requirements are as follows:
· is tangible in substances and nature · has an estimated useful life of one (1) year or more · is physically separate and identifiable from other assets · has a dollar cost of $5,000 or more and is controllable through a physical inventory · has a dollar cost of less than $5000 but is paid from 6XX Fund Code · For federal Stimulus Funds, a purchase of a complete computer lab of computers or a mobile cart with laptop computers will be considered as a Capital Asset if the total cost is over $5,000. Inventory Assets are assets that the district has designated to capture for internal control purposes. Those assets are between $500 - $4999 and are included on the Inventory Asset Catalog Report.
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