![]() ![]() The Facilities Director will seek other uses for the asset(s) within the PACT School District before requesting sale, trade-in, or disposal. ![]() Once disposition is approved, the Facilities Director will provide the signed form to the BAS through the Executive Director of Operations and proceed with the property disposal as outlined below. the Facilities Director will submit the information to BFC for approval and recommended disposal process. If the value of the asset exceeds $1000 for an individual item. The value of an item will be determined through an average of at least three (3) different sources, with each source identified in Attachment A.The BAS is responsible for depositing any and all monies received in the sale of an asset(s) and ensuring the assets are removed from the fixed asset inventory list.The accountable staff member must report the equipment that is surplus, damaged, or broken beyond repair to the Facilities Director so that proper procedures will be followed before the disposal of the item.The Facilities Director will oversee the disposition of property (asset(s)) following PACT policy on the disposition of fixed assets."Fiscal Year" runs from July 1 to June 30."Inventory" refers to the process of producing the inventory and the inventory itself.“Fixed Asset” means a tangible and intangible asset with an initial Estimated Useful Life that extends beyond a single reporting period as defined in Policy: Fixed Assets Procedure.BFC refers to the Budget and Finance Committee.BAS refers to the Business Account Specialist.GASB refers to Governmental Accounting Standards Board.To establish guidelines for the disposition of surplus/unusable fixed assets.Complete the annual fixed asset inventory.Produce an accurate annual financial statement.Comply with the requirements of GASB Statement No.To maintain an accurate record of Fixed Assets in order to.PACT must maintain current records of Fixed Assets and the disposition of those assets. The policy of the PACT Charter School Board of Directors is to provide sound financial administration to safeguard the resources of PACT Charter School, the state of Minnesota, and the constituencies we serve. This Policy establishes guidelines for the disposal of Fixed Assets. Last Approved By: PACT Charter School Board of Directors ![]()
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