Fixed Asset FAQ

Fixed Asset FAQ
This page is designed to answer a few questions most people have about items that are on their campus/department inventory. This page explains the difference between Fixed Assets and Inventory Items and explains how to properly dispose of those items. More information is available in the Fixed Assets section of the Financial Information Resource Manaul (F.I.R.M.)

What is a Fixed Asset?
The District defines a "Fixed Asset" as an asset, tangible in nature, with a true value of $5,000 or greater, and having a useful life in excess of one year. These items will be entered into an inventory database and maintained by the Fixed Asset Specialist. Examples of Fixed Assets are land, vehicles, computer servers, and other high value equipment. This inventory database is not related to the campus-level inventory system used by librarians.

What is an Inventory Item?
The District defines an “Inventory Item” as an item valued between $1,000 and $4,999.99. However, there are three types of items considered Inventory Items that may have a value below $1,000. These sub-$1,000 items are computers, document cameras, and projectors. These items will be entered into an inventory database and maintained by the Fixed Asset Specialist. This inventory database is not related to the campus-level inventory system used by librarians.

How can I tell if an item is a Fixed Asset or Inventory Item?
Both Fixed Assets and Inventory Items should be tagged with a RRISD Inventory Tag. You can tell one from the other by the color of the stripe that runs horizontally on the tag itself. Inventory Items use a black stripe, while Fixed Assets use a red stripe.

For Fixed Assets and Inventory Items:

• Short Answer: Submit a Fixed Asset and Inventory Item Transfer Form to Fixed Assets.
  
• Long Answer: Any item on inventory must be added to a Transfer Form and submitted to Fixed Assets. Those items will need to be removed from your campuses inventory and the transfer form facilitates this. No item with a RRISD Inventory Tag should be removed from your campus without submitting the transfer form. Moreover, district property on inventory cannot be discarded at a campus level. That means any item containing a RRISD Inventory Tag cannot be discarded by campus staff, even if the item is broken.

For everything else:

• Short Answer: Have your secretary submit a work order to Distribution, or call Don Pope at x6962.
  

• Long Answer: If you have low value items that are not on inventory and do not have a RRISD Inventory Tag, you do not need to fill out a Transfer Form for those items. Transfer Forms are for Inventory Items ONLY. If you do not have access to submit a work order to Distribution, you may call Don Pope at x6962 and one will be created.

Submitting the Transfer Form
If you need Inventory Items removed from your campus submit a completed Transfer Form to Fixed Assets. Soon thereafter Distribution will pick up your items. Submit a Transfer form to Fixed Assets.

Fixed Asset and Inventory Transfer Form

Submit your Transfer Form