B6.08 - Approve the Disposal of Obsolete Tangible and Intangible Personal Property (Finance Division)
Disposal will be by auction to the highest bidder or by salvaging parts. Tangible and intangible personal property requested for removal from the property records no longer serves a district purpose, is nonfunctional or obsolete, damaged beyond economical repair, or harvested for parts. There are nine items with an acquired cost over $1,000 that have a remaining net book value of $3,142.13 and 1,091 items with a zero net book value. Assets below $1,000 are not included in financial statements and is only listed for informational purposes. The period for this report is July 1, 2020 - September 30, 2020.
Generally Accepted Accounting Principles require that assets, which are nonfunctional or damaged beyond economical repair, be removed from the property records. State Statutes 274.05, 274.06, and 274.07 state the governmental unit shall have discretion to classify property as surplus and with consideration of what is in the best interest of the district, may lawfully dispose of it. The authority for disposal shall be recorded in the governmental unit's minutes.
This information has previously been presented quarterly and helps our team document where training or paperwork is needed.
That the Board approve the disposal of obsolete tangible and intangible personal property.
* Establish a strong foundation of financial stewardship
That the Board to approve the disposal of obsolete tangible and intangible personal property.
Jeff Robison, Property Control Manager, jeff.robison@sdhc.k12.fl.us, (813) 744-8874
There are no additional costs to the district, however, the Fixed assets Master File will be reduced by $3,142.13, which is the net book value of the assets. Governmental agencies, per Government Accounting Standards Board Statement 34, are required to utilize depreciation in reporting net assets. All proceeds received from the auction will be deposited into the appropriate funding source.