Standard Practice for Utilization and Disposal of Personal Property
|Publication Date:||10 July 2003|
This standard encompasses how excess and surplus personal property is utilized, donated, sold, abandoned or destroyed.
Disposal is the final step in the final phase of the Personal Property Management Life Cycle. Disposal is a cost effective means to transfer property from accountability records of an organization. Until disposal action occurs and is properly documented, the property remains on organizational property and financial records and therefore subject to costly cyclic inventories.
This standard does not include disposal requirements specific to state or federal environmental or security regulations. However, this standard enables an organizational to align or integrate state, federal, or its own requirements.