Page 21 - HCSD SOPandIC Manual

HINDS COUNTY SCHOOL DISTRICT
Standard Operating Procedures and Controls Manual

Fixed Assets

• Notify all individuals authorized to issue purchase orders to identify any equipment item over
$1,000 inclusive of delivery and/or installation costs and classify as a fixed asset. ($250 for
highly walkable)

• The purchase order originator will fill out an inventory control sheet (Form B) to add equipment
to the fixed asset inventory upon receipt of goods. If purchased with grant funds this will be
indicated by account number on the form

• Inventory control sheets (Form B) will be forwarded to the Business office for inventory update.
Distribute inventory tag to purchaser, if applicable.

• Building principals/supervisors will annually provide a report to the Business Administrator of
any fixed asset that is no longer used/needed. The Business Administrator will arrange for
disposal of fixed assets as per Board policy and update the inventory to reflect the disposal.

• All sheets will be maintained for year-end update of the fixed asset inventory, and balance sheet
adjustments for the annual audit.

Note: All computer purchases will also be tagged and included into fixed assets regardless
of cost.

Cash Management

• Utilizes on-line banking for ACH wires, transfers, stop payments, etc. All wire transfers will
require Business Administrator authorization.

• Estimates monthly accounts payable, monthly payroll, and debt services payments, creating an
estimated cash flow projection. (Optional: for thirty day, sixty days and ninety days.) Estimates
and advises school business administrator of amounts available for investment.

• Cash disbursements – Checks will be kept in a secure location; payments will be made weekly by
check. Paid items will be presented to board monthly for Board review.

• Investing – cash balances will be reviewed periodically to identify investment opportunities; all
investments must be in accordance with state statutes and approved by Business Administrator.

• The Business Administrator will verify the electronic signatures used on checks and submit
monthly reconciliation summary of all bank accounts to the Board of Education within 30 days of
the close of the month or the next board meeting.

Cash receipt and cash disbursement functions will be performed by two different staff. If
this is not possible, the Business Administrator will review all transactions on at least a
monthly basis.

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