Capital Assets - What Are They?

  • Capital assets includes land, improvements to land, buildings, building improvements, vehicles, machinery, equipment, and all tangible or intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period.
     
    It is expected that the benefits gained from the assets will extend beyond a time span of one year.  On a business' balance sheet, capital assets are represented by the property, plant and equipment figure.  Examples of capital assets include: land, building, improvements, equipment and machinery.

    Currently, Irving ISD utilizes the follow object codes for the use of capital assets:

     

     

     Object

     Sub-Class

    Description

     6619

    (L&I)

    Land Purchases and Improvements   

     6629

    (B&I)

    Building Purchases, Improvements, & Construction 

     6631

    (VEH)

    Vehicles Over $5,000 per Unit 

     6635

    (TEC) or (SOF)

    Technology related Hardware Over $5,000 per Unit

     6639

    (F&E), (MAI),(SPE), (VOC)

    Misc Equipment Over $5,000 per Unit

     

    Further information pertaining to the specific accounts codes and their usage can be found here and on the taskbar to the left.

     

    If you have any questions, contact Steve Franks in the Business Office.

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  • Capital Asset Forms

    Capital Asset Set-Up - EXAMPLE

    Take a look to understand how this form and the back-up documentation must be submitted. If you have any questions or concerns, contact Steve Franks in the Business Office at 972.600.5475.  
     

    Capital Assets Transfer Sheet

    This form is to be submitted as back-up documentation when a capital asset is transferred from one location to another.  It must be filled out and signed by the person(s) who is ultimately responsible for the asset - typically the principle, Department Director, Assoc. Superintendent, etc. and then scanned and submitted to Steve Franks. 
     
    Should you have questions or concerns, please contact Steve Franks in the Business Office at 972.600.5475 or via email.  
     

    Capital Assets Set-Up Sheet

    This form is to be submitted as back-up documentation when Requisitions are entered and converted to Purchase Orders and either scanned into TCM or emailed to Nicole Powell.

     

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