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Policy 705: Intangible Assets

705.1 Board of Director's Records
Type of Record: Length of Preservation
  1. Secretary's financial records: Permanently
  2. Treasurer's financial records: Permanently
  3. Annual financial report: Permanently
  4. Minutes of the Board: Permanently of Education
  5. Record of closed meetings: One Year
  6. Bonds and bond coupons: Ten Years
  7. Annual budget: Permanently
  8. Annual audit reports: Permanently
  9. Record of payment of judgments against the school district: Twenty Years
  10. Written contracts: Ten Years
  11. Cancelled warrants, check stubs, bank statements, bills, invoices, and other related records: Five Years
  12. Program Grants: As determined by the grant

The permanent record of some of the above may be maintained by micro filming or by digital image recording.

Date of Adoption: November 12, 1974


Legal Reference: (Code of Iowa) Chapters 291.6 - 291.11, 614

Reviewed: April 13, 1992; Dec. 14, 1998; May 14, 2001; Feb. 10,2003; Feb. 14, 2006; Jan. 10, 2011; March 9, 2015; Nov. 12, 2018; Nov. 8, 2021

Amended: July 13, 1982; March 13, 1989; January 11, 1999; March 10, 2003

 

705.2 Personnel Records
All personnel records shall be kept and preserved by the Secretary of the Board and shall be housed in the administrative offices of the School District. All personnel records shall be retained permanently.

Employees may have access to their personnel files at a time mutually agreed upon between the Secretary of the Board and the employee. However, employees will not be allowed access to the employment references written on behalf of the employee.

Date of Adoption: November 12, 1974


Legal reference: (Code of Iowa) Chapter 22, 91B


Reviewed: April 13, 1992; Dec. 14, 1998; May 14, 2001; Feb. 14, 2006; Jan. 10, 2011; March 9, 2015; Nov. 12, 2018; Nov. 8, 2021

Amended: January 11, 1999

 

705.3 Bonds for Officers and Employees
The Secretary and Treasurer of the Board of Directors, and Superintendent, shall each give bond to the School District in at least the minimum amount as required by the Board and Code of Iowa.

All other employees shall be covered by a blanket bond in the amount of One Thousand Dollars ($1,000.00) per employee.

Date of Adoption: November 12, 1974

Legal Reference: (Code of Iowa) Chapter 291.2


Reviewed: April 13, 1992; Dec. 14, 1998; May 14, 2001; Feb. 14, 2006; Jan. 10, 2011; March 9, 2015; Nov. 12, 2018; Nov. 8, 2021

Amended: January 8, 1980

 

705.4 Inventory Records
A perpetual inventory of all centrally stocked consumable items shall be maintained and the cycle count of inventory shall be taken at least once per year to ensure accuracy of inventory records.

A perpetual inventory of all furniture and other non-consumable equipment items with a cost of one-thousand five hundred ($1,500) or more shall be maintained and a complete inventory of all furniture and non-consumable items shall be conducted every three years under the supervision of the Director of Finance. The inventory report will be filed in the Business Office.

Date of Adoption: November 12, 1974

Reviewed: April 13, 1992; Dec. 14, 1998; May 14, 2001; May 13, 2002; Feb. 14, 2006; Jan. 10, 2011; March 9, 2015; Nov. 12, 2018; Nov. 8, 2021

Amended: June 10, 2002

 

705.5 Intangible Assets
Governmental Accounting Standards Board (GASB) Statement 51 defines intangible assets as assets that are identifiable and possess all of the following characteristics:

a. Lack of physical substance
b. Non-financial nature and
c. Initial useful life extending beyond a single reporting period.

Examples of intangible assets include land use rights, patents, trademarks and copyrights. In addition, intangible assets include computer software that is purchased, licensed or internally generated as well as outlays associated with an internally generated modification of computer software. All individual intangible assets valued at or above $100,000 must be reported for the audit and Certified Annual Report. Only direct costs will be capitalized. Donated intangible assets are to be recorded at their estimated fair value at the time of acquisition.

Date of Adoption: July 12, 2010

Reviewed:  Jan. 10, 2011; March 9, 2015; Nov. 12, 2018; Nov. 8, 2021

Amended: