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:
Land Purchases and Improvements
Building Purchases, Improvements, & Construction
Vehicles Over $5,000 per Unit
(TEC) or (SOF)
Technology related Hardware Over $5,000 per Unit
(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.
Capital Asset Forms
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.
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.
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.