Asset Accountability and Disposition Procedures.docx

The document outlines the procedures and requirements for asset accountability and disposition within Knoxville’s Community Development Corporation (KCDC). It establishes standards for managing fixed assets, including maintaining records, conducting biennial inventories, and disposing of corporate assets. The Accounting Division handles fixed asset records, while the Procurement Division manages inventories and surplus disposal. Fixed assets are accounted for at historical cost using the straight-line depreciation method. The document defines fixed assets, nonexpendable property, and expendable property. It details the process for conducting biennial inventories, investigating losses, and reporting to management and the Board. The Procurement Division is responsible for disposing of excess property with prior approval, ensuring fair market value in sales, and allowing staff to purchase surplus through public auctions. Donation of surplus property is permitted under specific conditions. The document also outlines procedures for disposing of real estate, requiring Board approval and compliance with program rules and regulations.