Get the free Assets of Community Value Protocol - East Cambridgeshire District ... - eastcambs gov

Assets of Community Value Protocol Introduction The Loyalism Act 2011 introduces Assets of Community Value (also known as Community Right to Bid). The legislation enables local groups to nominate

How to fill out assets of community value

How to fill out assets of community value:

1. Start by gathering all relevant information about the assets owned by the community. This may include property titles, financial statements, inventory lists, and any other documentation showing the value of the assets.
2. Evaluate the condition and market value of the assets. This might involve conducting appraisals or seeking professional advice to accurately determine the worth of the assets.
3. Categorize the assets based on their nature, such as real estate, equipment, or investments. Create separate lists or sections to organize the assets accordingly.
4. Assign a value to each asset based on its current market worth. This can be done by considering factors like depreciation, market demand, and any outstanding liabilities associated with the asset.
5. Document all necessary information for each asset, including its description, location, purchase date, and any relevant identification numbers or serial codes.
6. Keep proper records of the assets, including receipts, invoices, maintenance logs, and any other supporting documents that validate the existence and value of the assets.
7. Review and update the assets of community value regularly to ensure accuracy and reflect any changes or additions to the asset portfolio.

Who needs assets of community value:

1. Community leaders or administrators who are responsible for managing and overseeing the community's assets.
2. Accountants or financial professionals who need to accurately report the community's assets and financial position.
3. Investors or stakeholders who have an interest in knowing the value and composition of the community's assets.
4. Legal professionals who may require the asset information for legal purposes, such as potential disputes or mergers involving the community.
5. Insurance providers who need to assess the insurable value of the community's assets and determine appropriate coverage.
6. Auditors or regulatory authorities who may request documentation and verification of the assets during financial audits or compliance checks.
7. Potential buyers or partners who may consider investing in the community and need to evaluate the value and potential of its assets.

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What is assets of community value?

Assets of community value are properties designated as having significant importance to the local community and are protected from being sold or transferred without community consultation.

Who is required to file assets of community value?

Local authorities, community groups, or interested parties are required to file assets of community value.

How to fill out assets of community value?

Assets of community value can be filled out by providing information about the property, its significance to the community, and the reasons for its designation as a community asset.

What is the purpose of assets of community value?

The purpose of assets of community value is to protect important community assets from being lost or sold without community involvement.

What information must be reported on assets of community value?

Information such as the property address, description of the asset, reasons for its value to the community, and supporting documents must be reported on assets of community value.