Martin County School District :: Property Management


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Fixed Assets Procedures

Trade-In of School Board Equipment

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Florida Statute 274.04 allows for “The exchange of property with the seller as trade-in and apply the exchange allowance to the cost of the property acquired.” Statute 274.07 further states “Authority for the disposal of property shall be recorded in the minutes of the Governmental Unit.”

State or federal funded equipment may not be traded without prior WRITTEN approval from the funding agencies.

All trade-in equipment purchased with School Board funds, including internal funds, requires Board approval prior to an exchange of property.

Please follow the procedures below when processing requests for trading School Board equipment:

A Disposal request form (Form #332A) is prepared, including description of property to be traded, asset number and serial number. In the column marked “Reason for Disposal”, write “Trade-In” and the value for the trade-in.

Prepare a requisition for purchases include the cost of the equipment ordered with the original purchase price and the asset number of equipment to be traded with the trade-in value.

Attach a copy of the completed request for trade-in to the requisition to be sent to purchasing.

Purchasing personnel will review trade in value and forward the requisition and request for trade in to the Property Management Specialist. The equipment being traded in will be included on the earliest possible list of surplus assets submitted to the School Board for Approval. The trade in value will be included on the surplus list.

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