Stevens County Rural Library District

Policy on Capitalized and Fixed Assets, Inventory and Disposition

Capital and fixed assets refer to real and personal property the Library District intends to use or keep for more than one year and had a unit cost greater than $5,000.00. 

It is the District’s intention to demonstrate good management of or control over these matters. 

Inventory and Insurance: The District is a member of the Washington Governmental Entity Pool, which provides insurance coverage for the District’s capital and fixed assets.  A property and vehicle schedule is maintained and reviewed annually by the Director. This is the only inventory which is maintained, with the exception of the small and attractive item inventory. 

Maintenance and Repair:  The Board of Trustees annually allocates funds in the operating budget for the maintenance and repair of the capital and fixed assets which it owns.   

Planning:  The Board of Trustees holds annual planning meetings where the following questions may be addressed regarding the District’s capital and fixed assets: 

• How well is the District using the facilities and equipment it already has?
• Which items must be replaced, when and at what cost?
• When will additional facilities or equipment be needed and at what cost?
• Which facilities or equipment will not be needed, and what cost reductions in maintenance, insurance and security will result from liquidating them?

 

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