Board Procedure no.703

Background

The Board of Education is required by The Education Act to prepare and regularly maintain an inventory of its assets sufficient for the purposes of property control and financial planning. Such planning includes consideration for placing insurance, replacing damaged equipment, and the disposal of property.

Procedures

1. Inventory

 

1. The Secretary Treasurer is responsible for developing procedures for maintaining inventories.

 

2. The inventory is to be updated annually, as required by the insurance company, using an independent appraisal source.

 

2. Replacement and Repair

 

1. The Secretary Treasurer is to provide direction and procedures for the replacement and repair of school property.

 

2. Procedures for the replacement and repair of school property incurred by careless or willful acts are to be in accordance with Administrative Procedure 904—Break-In, Theft, and Vandalism.

 

3. Disposal of Property

 

1. Property or material that has no further value to the school division is to be disposed of in a manner that provides maximum benefit to the division.

 

2. When disposing of any property, school Administration is to contact the Secretary Treasurer, in writing, itemizing the property.

 

3. The Secretary Treasurer, in consultation with the appropriate superintendent, supervisor, or principal, will determine what is surplus, obsolete, and worn out property.

 

4. All property and assets new to a school site if not acquired through division or school level funds, must be reported to the Secretary Treasurer.

 

5. All property valued between $ 100 and $ 1000 which has been approved is to be disposed of as follows:

 

1. A memo detailing the property, including a reserve bid amount, if required, is to be circulated to each school, bus drivers and central office staff. The memo is to be posted on staff bulletin boards and the school division web page.

2. The closing date is to be no less than ten (10) clear days from the date of the memo.

3. All bids received are to be “sealed” until the advertised closing date.

 

6. The property will be sold to the highest bidder unless a school expresses an interest, in which case, the property shall not be sold but remain in the school division. The school Administration, in consultation with central office staff, will determine a fair price to be transferred between school budgets as compensation.

 

7. In addition to the foregoing, all property valued greater than $ 1000 must also be advertised for sale publicly.

 

8. The proceeds from property disposed of are to be submitted to the Secretary Treasurer

 

9. The Secretary Treasurer is to authorize in writing the disposal and indicate how the proceeds are to be distributed.

 

10. Proceeds from property originally acquired through the school level budget, or by donation or fund raising at the school level are to be credited to the school based budget.

 

11. In the event of a school closure, all assets are to remain the property of the school division.

 

12. Disposal of lands and buildings is a responsibility of the Board of Education. The Board may direct the Director of Education to lease, sell, transfer, or exchange any of its lands or buildings subject to the provisions of The Education Act.