Policy on Disposition of Property

The Athens Regional Library System will adhere to all policies and procedures regarding disposition of property acquired with local, state, and federal funds as established by the appropriate funding agency.

In the case of items having a market value of greater than $5,000 the library will advertise the item and accept bids for the purchase. Bidding procedures will follow established guidelines. For items with a market value of less than $5,000, the library Board shall have final authority for disposition.

The library system's administrative assistant will keep records of all inventory and will update records biennially noting disposition when appropriate.

All furnishings and equipment in the library system are owned by the Regional Library Board with the exception of those items purchased with federal funds. In most cases, the Regional Board will delegate authority to the local County Board to dispose of old furnishings and equipment according to existing policies. In some cases, furniture and equipment may be transferred to another branch.

Items purchased with federal funds are disposed of according to regulations in section 80.32(e) Authority 20 U.S.C.3474; OMB Circular A-102: 1) Items of equipment with a current perunit fair market value of less than $5,000 may be retained, sold or otherwise disposed of with no further obligation to the awarding agency. 2) Items of equipment with a current per unit fair market value in excess of $5,000 may be retained or sold and the awarding agency shall have a right to an amount calculated by multiplying the current marketvalue or proceeds from sale by the awarding agency's share of the equipment.

1/24/96

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