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Policies
Board Policies·3000 Business & Instruction Support Operations

BP 3471Equipment Reserve Fund

Policy Details

Status
Active
Cross references
  • BP 3000 Concepts and Roles
  • BP 3110 Transfer of Funds
  • BP 3300 Expenditures - Expending Authority
  • BP 3310 Purchasing Procedures
  • BP 3311 Bids
  • BP 3400 Management of District Assets-Accounts
  • BP 3460 Periodic Financial Reports
  • AR 3471 Equipment Reserve Fund
    • Last reviewed
    11/3/2025
    Last revised
    2/2/2015

    The Board recognizes the need to plan for the cyclical replacement of capital assets and the impact such replacement has on the operating budget. The School Board, has therefore, authorized the creation and maintenance of a special revenue fund that is dedicated to the acquisition and/or replacement of such capital equipment.

    In order to comply with GASB 54 regulations on special revenue funds, the Board will annually commit a percentage of the District's interest income to the Equipment Reserve Fund to be spent solely on the purchase or replacement of capital equipment.

    Access to funds in the Equipment Reserve Fund will be limited to capital purchases in excess of five hundred dollars ($500). All expenditures drawn from the Equipment Reserve Fund will be assigned to the appropriate expenditure account as necessary to record the purchase within the Equipment Reserve Fund.

    In order to protect the integrity of the fund, the Superintendent will supervise or determine an annual application process that will determine need within the District and award funds for the purchase or replacement of capital equipment as warranted.

    The District will provide the Board with a detailed report on prior year expenditures, as well as a report of any anticipated needs to support the annual appropriation of interest income.