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Yankton board approves capital-asset policy change to add $100,000 group-purchasing threshold
Summary
The Yankton School District 63-3 board voted unanimously to amend its capital asset policy to add group-purchasing rules, setting a $100,000 threshold to align with auditors and GASB guidance.
The Yankton School District 63-3 board approved an amendment to its capital asset policy adding group-purchasing language and a $100,000 threshold to align reporting with auditors and Governmental Accounting Standards Board (GASB) requirements.
Business/staff explained the change to trustees: "This adds group per purchases to it. It's a threshold for a $100,000. It's grouping, like, computers and items together, and it's per our auditors and it's, per the GASB requirements that needs to be added to this current policy that we already have".
A board member moved to approve the update; the motion was seconded. The board approved the amendment by roll-call vote with all members voting yes. The change updates the district's capitalization and group-purchase accounting practices; staff indicated the amendment was requested by auditors to meet GASB reporting guidance.
No changes to spending authority or specific procurements were recorded during the meeting; the action was limited to a policy update to clarify accounting and reporting thresholds.
