POLICY: DN
CATEGORY:
BOARD PROPERTIES
DISPOSAL PROCEDURES
POLICY STATEMENT:
The Board believes that the disposal of all fixed
assets should be properly authorized and accounted for.
GUIDELINES AND PROCEDURES:
1. For
the purpose of this policy a fixed asset shall be any item with a useful life
of more than one year and a total cost of acquisition of $5000.00 or more.
2. Disposal
of fixed assets must have the prior authorization of the Secretary-Treasurer.
3. The
Secretary-Treasurer must obtain prior approval of the Board to dispose of any
fixed asset of which the original cost of acquisition exceeds $15,000.00.
4. Any
department or school wishing to dispose of fixed assets must forward a
completed "Request to Dispose of Fixed Assets" form (indicating the
description, make, model, serial number, and asset code number of the fixed
asset) to the Secretary-Treasurer for approval.
5. The
Secretary-Treasurer shall be responsible for advertising the sale of a fixed asset
in local papers for a least two weeks.
The Secretary-Treasurer shall be responsible for reporting the tender
results to the Board. The Board shall
then approve the awarding of the tender.
The Board is not obligated to accept the highest, or any, tender.
6. Advertisements shall indicate that all
bids should be placed in a sealed envelope indicating the fixed asset tendered
and addressed to the Secretary-Treasurer.
7. The
Secretary-Treasurer shall be responsible for informing the unsuccessful bidders
of the name of the highest bidder and the amount of the successful bid.
8. Disposal
of any fixed asset other than by advertised sale must have the prior approval
of the Board.
9. Department
heads and principals must advise the Secretary-Treasurer of any fixed asset
that has been lost or destroyed.
10. The Secretary-Treasurer shall be
responsible for crediting to the budget of the appropriate department or school
the sum realized on the sale of the fixed asset.
Date Of Adoption: October
12, 1995
Date Of Amendment: October 5, 2004
Review Date: October
2007
Legal Reference: Section
187, School Act
Cross-Reference: