Accounting Policies & Procedures -Surplus Equipment\~~~,ur:~ir~_ P~li~es ~• Proceuu:;s ~,(anual
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Surplus and Obsolete Material and Equipment
Methods of Disposition
a. Surplus, worn out or obsolete material and equipment may be disposed of in any of the following
ways:
I. By transferring to other departments.
2. By returning to the manufacturer or supplier.
3. By trading in on new equipment.
4. By junking.
5. By advertising for sale.
b. Each department shall report its surplus or obsolete stock, equipment or materials to the Finance
Department.
c. All Capital Equipment shall be declared surplus by Village Council before processing as surplus.
Procedure for Sale of Surplus Items
a. If surplus material is sold, it shall be accomplished by the affected department in conformance with
competitive practices.
b. Surplus property may be disposed of by auction. Final approval for sales will be made by the Village
ivlanager or his designee. Advertisement for such sales will be made in a local newspaper at least one
time, no less than five (5) days prior to sale or auction.
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