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The Asset Disposition Report Template deals with capital assets that may be sold or traded-in on new equipment. An INV103-2 ASSET DISPOSITION form is to be completed and approved by the department manager. Any assets with an original value greater than $1,000 will also require the Chief Financial Officer’s approval.
Upon approval, the department may advertise the property for sale or submit a list to purchasing for sale and disposition. After completion of the sale, an Bill of Sale form will be issued and the ASSET DISPOSITION form will be submitted to the Accounting Manager. The Accounting Manager will delete the item from the asset records and record any gain or loss on the disposition.
Worn-out or obsolete property with no cash value will be reported to the accounting manager on the Asset Disposition form with the description, serial number and condition. The Accounting Manager will inspect all worn-out of obsolete property before it is removed from the department and discarded. The asset will then be removed from the asset records.