The Board shall adopt regulations to ensure that the capital furnishings and equipment of the Lac La Biche County Library Board are managed in an efficient and appropriate manner. Further the regulation shall ensure that capital is repaired and replaced on an appropriate schedule allowing preservation of the assets of the Library Board and to keep the Library as modern and appealing as is fiscally possible. Capital furnishings and equipment are defined as any items which original purchase price or fair market value exceeded $500.

Capital Guidelines:

Asset Tagging

All capital furnishings and equipment shall be marked as the property of the Lac La Biche County Libraries with an indestructible tag or permanent marking.

Capital Asset Schedule

A schedule of all capital furnishings and equipment will be maintained on an ongoing basis showing a description of the item, its original acquisition value and the year acquired. The schedule will also show a replacement year required. Any known maintenance costs or warranty expiry periods shall also be noted.

Asset Maintenance and Replacement

The annual operating value shall include resources allowing for any items from the capital asset schedule which life cycle will expire in the coming year. Warranty expiry costs will also be taken into consideration should maintenance for these items need to be budgeted.

Life Cycle for Assets

Following is a recommended schedule for asset replacement to be used as a guide.

Disposal

When assets have reached their useful life and are deemed ready for disposal by the Director of the Library, a list of items being disposed will be presented to the board for approval. Appropriate methods of disposal are donation to a community group requesting the item, donation to another library, public sale of the items in the library in a garage sale fashion, deposited at the local recycling center, or taken to the local landfill. Disposal method and procedure will be managed by the Library Director. Disposals of any computer related items must be completed with Northern Lights Library System’s policy requirements. Proceeds from all sales of assets may be restricted for future asset purchases.¨