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Public School District Capital Asset Inventory

Comprehensive capital asset inventory and GASB 34 implementation for a large urban school district serving 78,000 students across 142 facilities, establishing complete asset accountability and enabling accurate financial reporting for $1.8 billion in capital assets.

142
School Facilities
94,500+
Assets Inventoried
14 Weeks
Project Duration

The Challenge

A large urban public school district serving 78,000 students across 142 facilities needed to implement GASB Statement No. 34 requirements for capital asset reporting. The district had never conducted a comprehensive physical inventory of its capital assets, relying instead on incomplete accounting records that dated back decades and contained significant gaps and inaccuracies.

Critical Compliance Issues

  • No comprehensive capital asset register existed, with records scattered across multiple departments and systems
  • Historical cost information missing for thousands of assets, particularly those acquired before computerized record-keeping
  • Asset componentization required for buildings and infrastructure to comply with GASB 34 depreciation requirements
  • Inability to accurately calculate depreciation expense or report net book values for financial statements
  • Auditors expressing concerns about material misstatements in capital asset reporting and requesting comprehensive physical verification
Public School Facility

Our Solution

We executed a comprehensive capital asset inventory program combining physical verification, historical research, asset componentization, and GASB 34 compliance implementation across all 142 district facilities.

Physical Asset Verification

Conducted comprehensive physical inventory of all capital assets across 142 school facilities, including buildings, building improvements, land improvements, furniture, equipment, technology, and vehicles.

Historical Research

Researched historical acquisition costs through review of archived purchase orders, construction contracts, bond documents, and other financial records dating back to the 1960s.

Building Componentization

Performed detailed building componentization analysis for all 142 facilities, separating building costs into major component categories with appropriate useful lives per GASB 34 requirements.

Cost Estimation

Developed estimated historical costs for assets with missing acquisition data using industry-standard cost estimation methodologies, construction cost indices, and comparable asset analysis.

Asset Tagging Program

Implemented comprehensive asset tagging program for all movable capital assets, applying durable tags with unique identifiers to enable ongoing tracking and future physical verification.

Asset Register Creation

Developed comprehensive capital asset register in district's financial system, including all required GASB 34 data elements: acquisition date, cost, useful life, accumulated depreciation, and net book value.

GASB 34 Implementation Process

1

Planning & Assessment

Evaluated existing records and developed comprehensive inventory methodology

2

Physical Inventory

Conducted wall-to-wall inventory across all 142 facilities during summer break

3

Data Compilation

Researched historical costs and performed componentization analysis

4

System Implementation

Loaded complete asset register into financial system with depreciation schedules

5

Training & Documentation

Trained staff and documented procedures for ongoing asset management

Measurable Results

Our comprehensive capital asset inventory program enabled full GASB 34 compliance and established a foundation for accurate financial reporting and effective capital asset management.

94,527
Assets Inventoried
Complete capital asset register established
$1.8B
Asset Value Verified
Total historical cost of capital assets
100%
GASB 34 Compliance
Full compliance with all reporting requirements
142
Buildings Componentized
All facilities analyzed and componentized

Key Achievements

  • Complete Asset Register Established — Created comprehensive capital asset register with 94,527 assets properly classified and valued
  • Historical Costs Documented — Researched and documented acquisition costs for 87% of assets; estimated remaining 13% using approved methodologies
  • Building Componentization Completed — Separated all 142 buildings into major component categories with appropriate useful lives
  • Depreciation Schedules Implemented — Established automated depreciation calculation for all asset categories in financial system
  • Clean Audit Opinion Achieved — External auditors issued unqualified opinion on capital asset reporting for first time in district history

Long-Term Benefits

  • Enhanced Capital Planning — Asset condition data enables data-driven capital improvement planning and budget development
  • Improved Insurance Coverage — Accurate asset values enable appropriate property insurance coverage and claims processing
  • Ongoing Asset Management — Established procedures and trained staff to maintain asset register and conduct annual physical verification
  • Disposal Tracking — Identified $47M in fully depreciated assets suitable for disposal, enabling facility modernization
  • Stakeholder Confidence — Accurate capital asset reporting enhances transparency and accountability to taxpayers and bond investors

Asset Portfolio Breakdown

$1.2B
Buildings & Improvements
142 facilities componentized
$287M
Technology & Equipment
Computers, networks, instructional equipment
$198M
Furniture & Fixtures
Classroom and administrative furniture
$143M
Vehicles & Other Assets
Buses, maintenance vehicles, land

Need Help with GASB 34 Compliance?

Our government asset management experts can help you achieve full GASB 34 compliance and establish effective capital asset management practices.

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