705 District Records

705.1 District Records Maintained

Code 705.1

District Records Maintained


District records shall be housed in the administrative offices of the District or in another secure location.  It shall be the responsibility of the Board Secretary to oversee the maintenance of the records in accordance with applicable laws and policies.

The Board Secretary shall cause to be kept and preserved, according to the schedule below, the following records:




$      The official minutes of the school board, including resolutions


$      Board meeting agendas

2 years

$      Detailed minutes and audio tapes of closed sessions

1 year

$      A copy of board policies

Until superseded

$      Oaths of Office

Permanently with the minutes

$      Fidelity bonds of officials

5 years after expiration

$      Bids accepted

5 years

$      Bids rejected

1 years beyond audit

$      Citizen petitions

3 years after close of issue

$      Ballots

6 months after the election if not contested

$      Articles of Incorporation


$      Records of patents, copyrights, trademarks, etc.




$      Financial correspondence

5 years

$      Personnel correspondence

7 years after termination

$      Credit and collection correspondence

7 years



General correspondence

3 years or as long as administratively useful or of historical value

Financial Reports and Records


$      Secretary=s and Treasurer=s financial accounting records

Permanently (general ledger, annual financial report, CAR)

$      Disbursement journals/register, receipt journals/register, check register, general journals and bank statements

10 years

$      Canceled warrants, check stubs, bills, invoices, receipts, purchase orders, requisitions, petty cash vouchers, cost accounting commutations, investment records, and bank reconciliations

5 years

$      Records and reports regarding uncollectible accounts

10 years

$      Interim financial reports

5 years

$      Claims for sales tax or fuel tax refunds

5 years

$      Audits




$      Budget estimate worksheets

5 years

$      Final budget and certification summary


$      Budget amendments


$      Certified enrollment official summaries


Fixed Asset Records


$      Documents relating to fixed asset

5 years beyond disposal of fixed asset

$      Fixed asset repair records

3 years

$      Inventories

5 years

$      Documents relating to real property transactions

      (Includes such things as deeds, title opinions, abstracts, appraisals, certificate of title, title insurance, condemnation proceedings, easement and right of way agreements, plats and alterations of plats, blueprints and other structural plans or specifications and annexation files.)


Legal Documents


$      Written contracts

10 years beyond the end of the contract

$      Purchase or service agreements for equipment or supplies

5 years after expiration

$      Record of payment of judgments against the district

20 years

$      Accidents on school property, settled out of court

10 years after settlement

$      Accidents on school property, court decisions


$      Fire damage reports

5 years

$      Insurance policies

3 years after expiration

$      Special events permits and licenses

3 years

Bond Issues


$      Bond certificates

11 years after final recall (or possibly permanently)

$      Redeemed coupons should be stamped Apaid@

11 years

$      Bond register


$      Records and documents pertaining to cancellation, transfer, redemption or replacement of public bonds or obligations

$      Other records related to bonds.

Preserved by the issuer or its agent for a period of not less than 11 years

During the outstanding period of the bonds, plus any refunding bonds) plus 3 years.

Student Records


$      The individual permanent record of each pupil


·      Special Education Records

Permanently either in its original form or electronic media except as listed next

34 CFR 300.573 requires that a school inform parents when personally identifiable information collected, maintained, or used for special education purposes is no longer needed to provide educational services to the child.  At the request of the parents, that information must be destroyed.  This does not include the permanent record information of name, address, grades, attendance record, etc., which still may be maintained without time limit.  The district may want to caution parents that there are many good reasons why they might not want their childs special education record destroyed such as the potential future need to prove disability for SSI or SS-disability purposes

·     Cumulative student records

3 Years beyond graduation date or time when student would have graduated


Federal Programs


$      Child nutrition records pertaining to participation, financial information, and free and reduced-price meal applications

3 years in addition to the current fiscal year.  This is the federal fiscal year, so it really is 4 years.  Records of an unresolved audit must be retained until that audit is resolved

$      JTPA contracts and claims

5 years

$      Asbestos medical records or records of licensure

Minimum of 30 years

$      Generally records related to federal aid

5 years if audited.

If there is a non-compliance problem/questioned cost, the records should be retained 3 years after settlement

Affidavits of Publication


$      Regarding budget

Until audited or 5 years

$      Regarding bond issues

5 years after final recall

$      Regarding other issues

5 years, except real estate which should be kept permanently if proof not filed with deed.

Union/Association Records


$     Negotiation records

As long as administratively useful

$     Master contracts


$     Case files

10 years

Employee Accidents


$      Employer reports

5 years

$      OSHA reports

5 years

$      Worker compensation reports

5 years after final payment, however, if the case may result in future claims, the reports should be retained 60 years



$     Payroll journals

60 years

$     Supporting payroll documentation

5 years

$     W-2s, W-3s, W-4s, 941s, deposits, 1099s, 1096s

5 years

$     Iowa withholding reports, job service reports

5 years

Personnel Records


$      Job descriptions


$      Applications and resumes of those hired

60 years

$      Applications and resumes of those not hired

3 years

$      Results of tests/placements of those hired

60 years

$      Employment contracts

10 years after termination

$      Evaluations, continuing education records, employee medical exams

60 years

$     Resignations and reasons for termination

60 years

$     IPERS claims

60 years

$     Unemployment claims

5 years

$     Garnishment records

3 years beyond closure

$     Enrollments for direct deposit, insurance, etc.

As long as current

$     Health insurance payments and claims

5 years

$     EEO-4 Reports

5 years

$     EEO Plans

As long as current



The Secretary of the Board shall not be required to preserve original copies of Board of Directors' records permanently, but is authorized, after electronically storing the record, to destroy, by burning or shredding, any records.  Records stored electronically should have a secure back-up file.  A properly authenticated reproduction of any electronically stored record meets the same legal requirements as the original record.


Date of Review:  April 9, 2018


Date of Revision:


April 9,  2018



Legal References:


Chapter 22, 279.8, 291.6, 291.7, 291.8, 291.10, 721.10, Code of Iowa; 281 I.A.C. 12.3(1), 12.3(4)                  





705.2 Bonds for Officers and Employees

Code No. 705.2


The Board Secretary and Board Treasurer shall give a bond to the District in such amount as the Board may require, with sureties to be approved by the Board.  The Secretary and Treasurer may give a bond under a single blanket bond covering other employees.  All other employees shall be covered by a blanket bond in an amount determined by the Board.  The cost of the bonds shall be paid from District funds.  Bonds shall be filed with the President of the Board.

Date of Review:  April 9, 2018


Date of Revision:

April 9, 2018                           



Legal References:


279.8, 291.2, 291.3, Code of Iowa                              





705.3 Capital Assets

Code 705.3

Capital Assets 

The school district will establish and maintain a capital assets management system for reporting capitalized assets owned or under the jurisdiction of the school district in its financial reports in accordance with generally accepted accounting principles (GAAP) as required or modified by law; to improve the school district's oversight of capital assets by assigning and recording them to specific facilities and programs and to provide for proof of loss of capital assets for insurance purposes.

Capital assets, including tangible and intangible assets, are reported in the government-wide financial statements (i.e. governmental activities and business type activities) and the proprietary fund financial statements.  Capital assets reported include school district buildings and sites, construction in progress, improvements other than buildings and sites, land and machinery and equipment.  Capital assets reported in the financial reports will include individual capital assets with an historical cost equal to or greater than $100,000.  The Federal regulations governing school lunch programs require capital assets attributable to the school lunch program with a historical cost of equal to or greater than $500 be capitalized.  Additionally, capital assets are depreciated over the useful life of each capital asset. 

All intangible assets with a purchase price equal to or greater than $100,000 with useful life of two or more years, are included in the intangible asset inventory for capitalization purposes.  Such assets are recorded at actual historical cost and amortized over the designated useful lifetime applying a straight-line method of depreciation.  If there are no legal, contractual, regulatory, technological or other factors that limit the useful life of the asset, then the intangible asset needs to be considered to have an indefinite useful life and no amortization should be recorded.

Phase III districts, as determined under GASB 34, will not retroactively report intangible assets.  If actual historical cost cannot be determined for intangible assets due to lack of sufficient records, estimated historical cost will be used.

This policy applies to all intangible assets.  If an intangible asset that meets the threshold criteria is fully amortized, the asset must be reported at the historical cost and the applicable accumulated amortization must also be reported.  It is not appropriate to “net” the capital asset and amortization to avoid reporting.   For internally generated intangible assets, outlays incurred by the government's personnel, or by a third-party contractor on behalf of the government, and for development of internally generated intangible assets should be capitalized.

The capital assets management system must be updated monthly to account for the addition/acquisition, disposal, relocation/transfer of capital assets.  It is the responsibility of the superintendent to count and reconcile the capital assets with capital assets management system on June 30 each year.

It is the responsibility of the superintendent to develop administrative regulations implementing this policy.  It will also be the responsibility of the superintendent to educate employees about this policy and its supporting administrative regulations.  


Date of Review:  April 9, 2018




August 13, 2012                                   


Legal Reference:

11.6, 256.9(18), 257.31(4), 279.8, Chapter 298A, Code of Iowa, 281 IAC 12.3(1)                                          



705.3R1 Capital Assets Regulation

Code 705.3R1

Captial Assets Regulation


A.      Capital Assets Management System

         The superintendent, and/or other designated staff, shall:

                1)     Conduct the fixed assets physical count;

                2)     Develop the fixed assets listing;

                3)     Tag fixed assets included in the fixed assets management system with a bar code identification number; 

                4)     Make a recommendation of a computer software program for managing the fixed assets management system;

                5)     Enter the necessary data into the fixed capital assets management system and compile the appropriate reports;

                6)     Develop forms and procedures for maintaining the integrity of the fixed capital assets management system; and,

                7)     Maintain responsibility for an accurate fixed capital assets management system. 

B.      Determining historical cost

          1.     The historical cost of a capital asset is based on the actual costs expended in making the capital assets serviceable. 

          2.     Gifts of capital assets are valued at the estimated fair market value at the addition/acquisition date. 

          3.     Fixed assets purchased under a capital lease are valued at historical cost of their net present value of the minimum lease payments on the addition/acquisition date.                      

          4.     The historical cost of capital assets must include capitalized interest.

C.      Annual capital assets listing reconciliation

          1.     The superintendent, and/or other designated staff, in conjunction with the capital assets management team, will conduct an annual capital assets physical count to develop the annual capital assets listing in a manner similar to the initial capital assets listing process in B above.  At least every three years, someone other than the person in custody of the capital assets in the building/department/room will perform the capital assets physical count for the building/department/room.

          2.     Upon completion of the annual capital assets listing, the capital assets listing is reconciled to the capital assets management system data base.

          3.     Capital assets found to have been excluded from the data base are added to the capital assets management system.  The capital assets management system process should be reviewed to prevent future incidents of excluding a capital asset.

          4.     Capital assets unaccounted for are reported to the superintendent who contacts the supervisor of and the individual in charge/control/custody of the capital asset.  The individual in charge/control/custody of the capital asset has thirty days to account for the capital asset.

          5.     Capital assets unaccounted for after thirty days are reported to the superintendent for appropriate action and documentation.  "Appropriate action" may include discipline, up to and including discharge, and may require the employee/person in charge/control/custody of the capital asset to replace the asset.

          6.     The superintendent is responsible for documenting the reasons each asset was not reconciled to the capital assets management system.

 D.     Addition/acquisition of capital assets. 

          1.     The school district's purchasing policy and administrative regulations must be followed when acquiring capital assets.  The school district's policy and administrative regulations must be followed for receiving a gift of capital assets.  

          2.     The capital assets addition/acquisition documentation must be completed for each additional capital assets with an addition/acquisition cost of equal to or greater than ($ capitalization threshold).  The following information should be collected, if applicable:

                  a.      Name of location-building/department/room;

                  b.      Location-building/department/room code;

                  c.      Balance sheet accounting/class code;

                  d.      Government or BTA program;

                  e.      Addition/acquisition date;

                  f.       Check/purchase order number or gift;

                  g.      Bar code identification number assigned to and placed on the capital asset;

                  h.      Serial/model number;

                  i.       Cost-historical;

                  j.       Fair market value on acquisition date (donated assets only);

                  k.      Estimated useful life;

                  l.       Vendor;

                  m.     Purchasing fund and function;

                  n.      Description of capital asset;

                  o.      Department/person charged with custody,

                  p.      Method of addition/acquisition-purchase, trade, gift etc.;

                  q.      Quantity;

                  r.       Replacement cost;

                  s.       Addition/acquisition authorization; and,

                  t.       Function for depreciation.

          3.     Capital assets acquired in a month must be entered into the capital assets management system in the same month.

          4.     The actual costs of construction in progress, other than infrastructure, is entered into the capital assets management system in the month in which costs are incurred until the total cost of addition/acquisition is entered.  Upon completion of construction, the total costs accumulated over the period of construction are reclassified to buildings.

          5.     Capital assets acquired in a month must be entered into the capital assets management system in the same month.

E.      Relocation/transfer of machinery and equipment capital assets.

          1.     A capital assets relocation/transfer documentation must be completed prior to removing machinery and equipment capital assets from their current location.  The following information must be collected:

                  a.      Relocation/transfer date;

                  b.      Quantity;

                  c.      Bar code identification number;

                  d.      Current location-building/department/room code;

                  e.      Name of current location-building/department/room;

                  f.       New location-building/department/room code;

                  g.      Name of new location-building/department/room;

                  h.      Date placed at new location-building/department/room;

                  i.       Department/person charged with custody; and

                  j.       Relocation/transfer authorization.

          2.     Capital assets relocated/transferred in a month must be entered into the capital assets management system in the same month.


F.      Disposal of capital assets

          1.     A Capital Assets disposal documentation must be completed prior to disposing of real property.  The following information must be collected:

                  a.      Disposal date;

                  b.      Quantity;

                  c.      Bar code tag identification number;

                  d.      Legal description,

                  e.      Location/Address;

                  f.       Purchaser;

                  g.      Disposal methods for real property trade, sale, stolen, etc.; and,

                  h.      Disposal authorization.

          2.     Capital assets disposed of in a month must be entered into the capital assets management system in the same month.

          3.     When assets are sold or disposed of, it is necessary to calculate and report a gain or loss in the statement of activities.  The gain/loss is calculated by subtracting the net book value (historical cost less any accumulated amortization) from the net amount realized on the sale or disposal.

G.     Lost, damaged or stolen capital assets.

          1.     A Lost, Damaged or Stolen Capital Assets Report must be completed when a capital asset has been lost, damaged or stolen. The following information must be collected:

                  a.      Date of loss, damage or theft;

                  b.      Employee/person discovering;

                  c.      Quantity;

                  d.      Description of capital asset;

                  e.      Bar code tag identification number;

                  f.       Location-building/department/room;

                  g.      Description of loss, damage, etc.;

                  h.      Filing of police report-yes or no;

                  i.       Filing of insurance report-yes or no;

                  j.       Sent for repair-yes or no;

                  k.      Date returned from repair;

                  l.       Date returned to location-building/department/room;

                  m.     Department/person charged with custody; and,

                  n.      Authorization.

          2.     Capital assets damaged, lost or stolen in a month must be entered into the capital assets management system in the same month.

H.     Capital assets reports

          1.     Annual reports for June 30 each year.    

                  a.      Capital assets listing including the following items:

                           1)      Balance sheet accounting/class code;

                           2)      Purchasing fund, function and depreciation function;

                           3)      Bar code tag identification number;

                           4)      Description of the capital asset;

                           5)      Historical cost or other;

                           6)      Location;

                           7)      Current year depreciation/expense; and,

                           8)      Accumulated depreciation/amortization.

                  b.      Capital assets listing by location/building;

                  c.      Capital assets listing by department/employee/person charged with custody; and,

                  d.      Capital assets listing by replacement cost. 


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705.3R2 Capital Assets Management System Definitions

CODE 705.3R2

 Capital Assets Management System Definitions



Back trending/standard costing - an estimate of the historical original cost using a known average installed cost for like units as of the estimated addition/ acquisition date.  This cost is only applied to the capital assets initially counted upon implementation of the capital assets management system when the historical original cost cannot be determined.  It is inappropriate to apply the back trending/standard costing method to any capital assets acquired after the assets management system implementation date.

Balance sheet accounting/class codes - the codes set out for assets in the Iowa Department of Education Uniform Accounting Manual.  They are:  200-capital assets; 211- land and land improvements; 221-site improvements; 222-accumulated depreciation on site improvements; 231-buildings and building improvements; 232-accumulated depreciation on buildings and building improvements; 241-machinery and equipment; 242-accumulated depreciation on machinery and equipment, 251-works of art and historical treasures; 252-accumulated depreciation on works of art and historical treasures, 261-infrastructure, 262-accumulated depreciation on infrastructure, and 271-construction in progress.

Book value - the value of capital assets on the records of the school district, which can be the cost or, the cost less the appropriate allowances, such as depreciation.

Buildings and building improvements - a capital assets account reflecting the addition/acquisition cost of permanent structures owned or held by a government and the improvements thereon.

Business-type activities – one of two classes of activities reported in the government-wide financial statements.  Business-type activities are financed in the whole or in part by fees charged to external parties for goods or services.  These activities are usually reported in enterprise funds.

Capital expenditures/expenses - expenditures/expenses resulting in the addition/acquisition of or addition/acquisition to the school district's capital assets.

Capital assets - Capital assets with a value of equal to or greater than ($ capitalization threshold) based on the historical cost include:  long-lived assets obtained or controlled as a result of past transactions, events or circumstances.  Capital assets include buildings, construction in progress, improvements other than facilities, land, machinery and equipment, and intangible assets.

Capitalization policy - the criteria used by the school district to determine which capital assets will be reported as capital assets on the school district’s financial statements and records

Capitalization threshold - The dollar value at which a government elects to capitalize tangible or intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period.

Capitalized interest - interest accrued and reported as part of the cost of the capital assets during the construction phase of a capital project.  The construction phase extends from the initiation of pre-construction activities until the time the asset is placed in service.  

Construction in progress - buildings in the process of being constructed other than infrastructure.

Cost - the amount of money or other consideration exchanged for goods or services.

Depreciation/Amortization - expiration in the service life of capital assets, other than wasting assets, attributable to wear and tear, deterioration, action of the physical elements, inadequacy and obsolescence.  In accounting for depreciation/amortization, the cost of a capital asset, less any salvage value, is prorated over the estimated service life of such an asset, and each period is charged with a portion of such cost.

Fixtures - attachments to buildings that are not intended to be removed and cannot be removed without damage to the buildings.  Those fixtures with a useful life presumed to be as long as that of the building itself are considered a part of the building.  Other fixtures are classified as machinery and equipment. 

General capital assets - capital assets that are not capital assets of any fund, but of the governmental unit as a whole.  Most often these capital assets arise from the expenditure of the financial resources of governmental funds.

General capital assets account group (GFAAG) - a self-balancing group of accounts established to account for capital assets of the school district, not accounted for through specific proprietary funds.

Government activities – activities generally financed through taxes, intergovernmental revenues, and other non-exchange revenues.  These activities are usually reported in governmental funds and internal service funds.

Government-wide financial statements – Financial statements that incorporate all of a government's governmental and business-type activities, as well as its nonfiduciary component units.  There are two basic government-wide financial statements the statement of net assets and the statement of activities.  Both basic government-wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting.

Historical (acquisition) cost - the actual costs expended to place a capital asset into service.  For land and buildings, costs such as legal fees, recording fees, surveying fees, architect fees and similar fees are included in the historical cost.  For machinery and equipment, costs such as freight and installation fees and similar fees are included in the historical cost.

Improvements – In addition made to, or change made in, a capital asset, other than maintenance, to prolong its life or to increase the efficiency or capacity.  The cost of the addition or change is added to the book value of the asset.

Improvements other than buildings - attachments or annexation to land that are intended to remain so attached or annexed, such as sidewalks, trees, drives, tunnels, drains and sewers.  Sidewalks, curbing, sewers and highways are sometimes referred to as "betterments," but the term "improvements" is preferred.

Infrastructure – long-lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.  Examples of infrastructure assets include; roads, bridges, tunnels, drainage systems, tater and sewer systems, dams, and lighting systems.

Investment in general capital assets - an account in the GFAAG representing the school district's investment in general capital assets. The balance in this account generally is subdivided according to the source of the monies that finance the capital assets addition/acquisition, such as general fund revenues and special assessments. 

Land and buildings - real property owned by the school district.

Machinery and equipment - capital assets which maintain their identity when removed from their location and are not changed materially or consumed immediately (e.g., within one year) by use.  Machinery and equipment are often divided into specific categories such as:  transportation machinery and equipment which includes school buses and school district owned automobiles, trucks and vans; other motor machinery and equipment which includes lawn maintenance machinery and equipment, tractors, motorized carts, maintenance machinery and equipment, etc.; other machinery and equipment which includes furniture and machinery and equipment contained in the buildings whose original cost is equal to or greater than ($ capitalization threshold), and capital assets under capital leases and capital assets being acquired under a lease/purchase agreement.

Proprietary funds – Funds that focus on the determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows.  There are two different types of proprietary funds:  enterprise funds and internal service funds.

Replacement cost - the amount of cash or other consideration required today to obtain the same capital assets or its equivalent.


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