Property Disposal

Question 1

What is disposal?

Answer 1

refers to the sale or destruction of assets and property which are unserviceable and no longer needed

Question 2

What forms are used to report disposal?

Answer 2

1. General Form 17-A disposal and condemnation of unserviceable equipment, building and other physical structures
2. General Form 64-A Report of Waste Material - equipment spare parts, damaged equipment parts, empty containers and remnants salvaged from destroyed or damaged fixed asset

Question 3

What are the methods of disposal?

Answer 3

1. Condemnation/Destruction of Property -
2. Transfer of property
3. Barter - one agency transfers property to another in exchange for another piece of property
4. Donation of Property
5. Sale of Property done through public bidding or negotiated sale (if there is failed bidding)

Question 4

When can a school building be condemned?

Answer 4

If the building has become unsuitable, dilapidated and which repair or rehabilitation will cost 50% or more than the cost of a new building to replace it