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Section D. Fiscal Management




The Executive Director or his/her designee is authorized to determine, through procedures he/she develops, when personal property valued at $500.00 or more (supplies, materials, equipment), as distinguished from real property, is obsolete or no longer of use to the school, and to declare it surplus. The Board shall be informed of property declared surplus.


 Procedures for disposal of all surplus personal property shall be in accordance with the following:


  1. Programs within the Parent Corporation are to be informed in writing of property declared surplus, and are to have first option to purchase.  The charges for purchases shall be determined by the Executive Director or his/her designee(s) after consultation with the Board.


  1. Surplus property, which is offered to the public for sale, shall be disposed of by sealed bid, public auction, or public sale.  Public notice of any sale of surplus property shall be given at least one week in advance of an auction, sale, or opening of sealed bids.


  1. Library books, textbooks, and instructional materials are to be disposed of by a MEAA most likely to offer promise of continuing educational benefit, first to citizens of the school, then to others. 


  1. Any surplus property which is offered for public sale and is not sold may be disposed of in a manner deemed advisable by the Executive Director or his/her designee(s), including donation to non-profit agencies.


  1. Any property determined to be worthless, or for any reason is considered to be inappropriate for sale, shall be disposed of in a manner the Executive Director deems appropriate after so informing the Board, with recycling as a priority where feasible.


  1. Any school identification on surplus property shall be removed, or be further identified to indicate the intended disposition and surplus nature (i.e., "SOLD BY" "SURPLUS").


All revenues which result from the sale of surplus property shall be credited as miscellaneous income except in any instance where law requires that it be credited to a specific account.

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