Disposal of Assets

It is the policy of Arapahoe Library District to conform to the Colorado State Statutes (CRS 24-90-109) regarding the disposal of capital assets.  A disposition represents the physical removal of an asset from custody or accountability.  Any asset with a value of over $1,000, congruent with the District Capital Asset Policy, can be disposed of in one of four different ways: donated, scrapped, sold, or traded.  If the asset is conveyed to a state agency or political subdivision of the state, the determination can be made by the Director of Finance.  To convey an asset to any outside business or commercial entity, the conveyance must be approved by the Board of Trustees.  Unless offered to the public at large, a capital asset cannot be sold or donated to a private party or employee.

In January of every year, a disposal of property request form will be submitted to the Board of Trustees so that a broad determination can be made to donate or discard weeded collection materials, which are considered to be capital assets in the aggregate, as well as to dispose of miscellaneous surplus furniture and equipment.

Computer equipment, when obsolete and not subject to donation or sale, will be sent to a computer recycling firm for disposal, according to legislation prohibiting the wholesale dumping of such equipment.  Upon disposal of capital assets, adjustments will be made to record the reduction of assets and accumulated depreciation in the financial records.



REVISED 10/2017

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