All fixed assets purchased by the College with an initial acquisition cost of $1,000 or more, and a useful life expectancy of more than one year, shall be capitalized in the accounting records. Library acquisitions will be capitalized if the initial acquisition cost is $50 or more.

Inventories of fixed assets will be maintained and kept current on an annual basis for all departments by the Purchasing Department.

The Board of Trustees annually shall receive and review a list of assets that have reached their useful life expectancy and are no longer of any value to the College. A recommendation shall be prepared to properly dispose of and write off these assets from the College's inventory.

Department heads are responsible for notifying Administrative Services of the intent to sell, trade in, transfer, or write off any departmental equipment.

The appropriate administrative officer shall sign and recommend any departmental request to dispose of equipment. The estimated value of the inventory cost, a description of the item, the inventory number and a brief explanation by the department head of why the item is being disposed of should be included. A Request for Capital Asset Disposal/Transfer form can be obtained from Administrative Services.