The purpose of this policy is to establish standards for governing the activities used to dispose of Port property and is intended to support the following purposes: 1. Achieve cost savings to the Port (taxpayers) through centralized redistribution and disposal of unneeded property. 2. Create an audit trail that verifies and validates appropriate property disposal as required by legislation, and Generally Accepted Accounting Principles (GAAP). 3. Maximize the return on investment for the disposal of Port’s property. 4. Make the disposition of property standards within the Port as consistent as possible. Authority • RCW 39.33, Intergovernmental disposition of property • Resolution 3605, as amended by Resolution 3628 • GASB No. 62, Codification of Accounting and Financial Reporting Guidance contained in Pre-November 30, 1989 FASB and AICPA Pronouncements • CC-6, Loss Prevention Policy. NOTE: Upon adoption of the policies and procedures in this Series, each department should ensure proper segregation of duties are in place, i.e. no one Personnel should be able to provide transaction authorization, maintain recordkeeping and have custody of the related assets. Please refer to AC-5a, paragraph .03. Control Objective: Financial information is complete and appropriately presented in compliance with prescribed accounting standards, and all information that is necessary for fair presentation and compliance with professional standards or legal requirements is disclosed. Scope .01 This policy does not apply to property or items meeting any one of the following characteristics. a) Property related to land, easements and street vacations. b) Abandoned property that is not owned by the…Open full document
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Port of Seattle accounting policy establishing standards for disposing of Port property, including authorization requirements, property definitions, and procedures to achieve cost savings while maintaining audit trails and maximizing return on investment.