Disposal of Assets

It is the policy of Arapahoe Library District to conform to the Colorado State Statutes (CRS § 24-90-109(1)(i)) regarding the disposal of assets. A disposition represents the physical removal of an asset from custody or accountability, whether by donation, sale, trade, or discard. Any asset may be disposed of upon a Board finding that the asset may not be needed within the foreseeable future for library purposes. If the asset is conveyed to a state agency or political subdivision of the state, that finding may be made by the Director of Finance. The District shall deliver to the Board a list of all assets for disposal with a book value of $5,000 or greater for consideration and approval.

In the first quarter of the fiscal year, a surplus property resolution will be submitted to the Board of Trustees so that a broad determination can be made to donate or discard weeded collection materials, as well as to dispose of miscellaneous surplus furniture, equipment, and other items.

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

ADOPTED 5/08
UPDATED 8/09
REVISED 10/2017
REVISED 4/2022

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