It is recommended that every school maintains an asset register under the Academies Trust Handbook and SFVS. An asset register is an important tool for effective asset management, financial reporting and accounting purposes. Without an asset register, it can be difficult for schools to keep track of their assets, their location, and their condition.
Furthermore, the asset register helps school administrators to identify assets that need maintenance or replacement, track the use of assets, and plan for future investments in infrastructure and resources. It is also useful for accounting and auditing purposes, as it provides an overview of the school's financial assets and liabilities, helping them comply with financial reporting requirements and conduct accurate audits. This allows schools to demonstrate their accountability and transparency to stakeholders, including parents, students, regulatory bodies and ultimately, the taxpayer's purse.
A school asset register should contain the following information, which should be kept up-to-date by regularly reviewing and updating the information as necessary:
- Asset identification number or code: Each asset should have a unique identifier, which can be a number or a code.
- Description of the asset: This includes a brief description of the asset, such as its type, make, model, and any other relevant details.
- Date of acquisition: The date when the asset was purchased or acquired by the school.
- Purchase price or acquisition cost: The cost of the asset at the time of acquisition.
- Depreciation: The amount by which the asset has depreciated over time. This can be calculated using different depreciation methods such as straight-line, reducing balance, or units of production.
- Current value: The estimated value of the asset at the present time.
- Location of the asset: The physical location of the asset, such as the building, room, or department.
- Condition of the asset: The current condition of the asset, including any damages or defects.
- Maintenance history: The details of any maintenance or repairs performed on the asset, including the date, the nature of the work done, and the cost.
- Disposal information: If the asset is sold, scrapped, or disposed of, this should be recorded, including the date of disposal and the proceeds, if any.
The asset register can be kept on the spreadsheet or by using a specialised asset management software platform. School asset management software has lots of helpful features which make it easier for an SBM to keep track of assets such as scheduling, automatic depreciation, asset barcode scanning, reporting and web browser access. Overall, having an asset register is a best practice for effective school management and is essential for ensuring efficient and effective use of resources.
Tags: Asset Management