SURPLUS ASSET/REDEPLOYMENT DISPOSAL
The Greater Victoria Public Library is committed to effective and efficient asset management. When assets become surplus, the Library will redeploy/dispose of them in an equitable manner that maximizes the useful life of the asset without incurring operating costs exceeding the benefits derived. The following policy is intended to facilitate and encourage the timely reallocation of surplus assets.
The purpose of this policy is:
• To clarify the assets to which this policy applies;
• To provide a method to identify, track, and redeploy/dispose of assets that have no further use to the department currently using the asset or to the Library;
• To promote redeployment and reuse of assets within the Library on an equal opportunity basis;
• To minimize costs relating to storage and to provide sufficient lead time for inter-departmental transfers;
• To maximize the resale value of all assets that are of no further use to the Library;
• To ensure that the Library operates in accordance with Canada Revenue Agency (CRA) requirements in respect to all applicable sales taxes, duties, and employee taxable benefits relating to asset dispositions;
• To identify conditions under which assets will be considered scrap or available for donation;
• To provide a basis for insurance coverage and the reporting of capital expenditures to external governing bodies.
1. This policy includes, but is not limited to, the following asset categories integral to the Library's operation or administration: all equipment (office, audio visual, maintenance, communication, administrative), furniture, computers, software, vehicles, etc.
2. Library materials (e.g. books, periodicals, etc.) are excluded from this policy.
3. All assets purchased through professional allowances, including computers and software, are the property of the Library, even when located off-site, and are included in this policy, unless otherwise specified in the individual employment contract or the funding agreement, as noted above. While the equipment is located off-site, the person using it assumes full responsibility for any loss or damage due to negligence.
1. The existing user branch/department should complete the Surplus Asset Disposal Form when an asset is first considered for redeployment/disposition and forward it to the Purchasing Officer. Circumstances which may give rise to the completion of this form include:
• An asset cannot be redeployed within the same unit.
• Decisions regarding space reallocation/reconfiguration/reuse that necessitate removal of furniture/equipment.
• An asset uses outdated technology and requires replacement.
• An asset has been damaged beyond economical repair.
• It is not economically viable to dismantle the asset for parts.
• An asset has become an environmental, safety or health hazard.
Note: Before considering any asset for redeployment or disposal, the user branch/department should ensure the asset is not used periodically by any other unit whose operations may be detrimentally impacted by the removal of the asset. Furthermore, the asset should remain in its current location until a final destination is determined.
2. A Surplus Asset Disposal Form must be completed for all assets that are stolen. This form together with the Accident, Disturbance, Vandalism Report (ADV) must be forwarded to Finance Manager.
3. Information Technology Services (ITS) should complete the "Recommended for" and "Condition" section of the Surplus Asset Disposal Fo rm for the redeployment/disposal of all computer equipment and peripherals.
4. The Purchasing Officer will co-ordinate with any other unit necessary for the redeployment/disposition of the asset. In specific instances (as noted on the form), Purchasing may delegate its operational responsibilities to other groups within the Library while retaining its functional authority.
5. The Purchasing Officer will publicize the availability of all assets designated for redeployment to all Library units. In keeping with the common goals and objectives of the Library community, need will always be the overriding factor when assessing surplus equipment for redeployment. If no requests are received to redeploy the asset after a sufficient length of time (no less than 10 business days and no greater than 6 months), the asset may be stored or sold or scrapped.
6. The branch/user department has an obligation to recommend to Purchasing either the continued storage or the redeployment/disposal of a specialized asset that carries a significant fair market value.
7. The sale of any asset which cannot be redeployed will be handled by one of the following methods:
· Trade-in against replacement equipment required.
· Transfer to Asset Investment Recovery (AIR), a branch of Procurement and Supply Services, province of British Columbia, for independent sale (with right to share of proceeds as negotiated from time to time with AIR) or disposal by AIR if item is not sold
8. The Finance department will account for the sale of all assets (capital and non-capital); including accounting for proceeds of disposal, tax implications, and any budget adjustments, on a case-by-case basis and in accordance with generally accepted accounting principles.
9. An asset will be considered scrap or eligible for donation to other libraries, charitable or government-funded organizations if
• The asset has been damaged beyond economical repair (Scrap)
• It is not economically viable to dismantle the asset for parts (Donation)
• The asset has become an environmental, safety or health hazard (Scrap)
and all attempts to redeploy or sell the asset have been unsuccessful and/or if the costs of storage exceed the benefits. In these cases, the Purchasing Officer will dispose of the asset in the most economical and environmentally safe manner possible.
10. No asset may be sold to any employee of the Library without the written permission of the Finance Manager or designate. If the sale involves the Finance Manager as the employee, then written permission of the CEO or designate will be required. If the sale involves the CEO as the employee, then written permission of the Board Chair or designate will be required.
11. No asset may be sold privately or be disposed of by any employee of the Library.
12. All control documentation related to disposal or redeployment of surplus assets will be updated and held by the Purchasing Officer and retained for a period of time in compliance with record retention policies and procedures for financial documentation (i.e. seven years).
Asset Policy 3.1
Purchasing Policy 3.6
Gift and Fundraising Policy 3.4