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Effective 112010 CITY OF SOUTH BEND Request for Asset Disposal Fixed Asset Disposal Procedure Statement All city departments are required to submit asset disposal requests to the Board of Public Works

How to fill out fixed asset disposal procedure

1. Start by gathering all relevant information about the fixed asset being disposed of, such as its identification number, description, cost, and current condition.
2. Next, determine the reason for disposal. Is it due to damage, obsolescence, or any other specific reason? This information should be clearly stated in the disposal procedure.
3. Identify the appropriate authorized personnel who will be responsible for approving the disposal. This may vary depending on the organization's structure and policies.
4. Document the disposal method. Will the asset be sold, donated, or scrapped? State the steps that need to be taken for each disposal method.
5. Include any required supporting documentation. This may include quotes for selling the asset, proof of donation, or evidence of scrapping.
6. Specify any financial implications of the disposal. For example, if the asset is sold, include instructions for how the proceeds should be recorded and accounted for.
7. Determine the necessary approvals and signatures that need to be obtained. This may involve department heads, finance personnel, or other relevant individuals.
8. Clearly outline the steps for physically disposing of the asset. This may involve coordinating with facilities or service providers to remove the asset from the premises.
9. Ensure that all essential information is documented and recorded in the organization's fixed asset register or any other relevant databases.
10. Finally, review and revise the disposal procedure as needed to reflect any changes in regulations, policies, or best practices.

Who needs fixed asset disposal procedure?

1. Organizations of all types and sizes that have fixed assets in their possession require a fixed asset disposal procedure.
2. This includes companies, non-profit organizations, government agencies, educational institutions, and any other entity that owns and manages fixed assets.
3. The fixed asset disposal procedure helps ensure that the disposal process is conducted in a structured and regulated manner, promoting transparency, accountability, and compliance with applicable laws and regulations.

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What is fixed asset disposal procedure?

Fixed asset disposal procedure is the process of properly recording and disposing of assets that are no longer needed or useful to a company.

Who is required to file fixed asset disposal procedure?

The individuals or departments responsible for asset management within a company are typically required to file fixed asset disposal procedures.

How to fill out fixed asset disposal procedure?

To fill out a fixed asset disposal procedure, detailed information about the asset being disposed of must be provided, including its original cost, current book value, reason for disposal, and method of disposal.

What is the purpose of fixed asset disposal procedure?

The purpose of a fixed asset disposal procedure is to ensure that assets are properly accounted for and removed from the company's records in a timely and accurate manner.

What information must be reported on fixed asset disposal procedure?

Information that must be reported on a fixed asset disposal procedure includes the asset's original cost, accumulated depreciation, book value at the time of disposal, reason for disposal, method of disposal, and any gains or losses incurred.