Use and Disposal of School Property
Conveyance of Property
Within one year prior to conveyance, all real and personal property owned by RISE Charter School with an estimated value of $1,000 or greater shall be appraised, which appraisal shall be entered in the records of the Board.
$1,000 or Greater:
For property with a value of $1,000 or greater, the property may be sold at public auction or by sealed bids, as the Board shall determine, to the highest bidder. Such property may be sold for cash or for such terms and conditions as the Board shall determine for a period not exceeding ten years, with the annual rate of interest on all deferred payments not less than 7% per annum. The title to all property sold on contract shall be retained in the name of the Charter School until full payment has been made by the purchaser, and title to all property sold under a note and mortgage or deed of trust shall be transferred to the purchaser at the point of sale under the terms and conditions of the mortgage or deed of trust as the Board shall determine. Notice of the time and the conditions of such sale shall be published twice, and proof thereof made, in accordance with subsections (2) and (3) of section 33-402, Idaho Code. The Board may accept the highest bid, may reject any bid, or reject all bids. During the sealed bid or public auction process, no real property of the Charter School can be sold for less than its appraised value. If, thereafter, no satisfactory bid is made and received, the Board may proceed under its own direction to sell and convey the property for the highest price the market will bear.
Less than $1,000:
The Board may sell personal property, with an estimated value of less than $1,000, without appraisal by sealed bid or at public auction, provided that there has been not less than one published advertisement prior to the sale of said property. When the appraised value of the property is less than $1,000, one single notice by publication shall be sufficient, and the property shall be sold by sealed bids or at public auction. The Board may accept the highest bid, may reject any bid, or reject all bids.
Less than $500:
For property that has an estimated value of less than $500, the property may be disposed of in the most cost-effective and expedient manner by an employee of the Charter School empowered for that purpose by the Board, provided however, such employee shall notify the Board prior to disposal of said property.
Donated Property:
If real property was donated to the Charter School the Board may, within a period of the one year from the time of the appraisal, sell the property without additional advertising or bidding. Otherwise, the Board must have new appraisals made and again publish notice for bids, as with other property.
Exchange of Property
The Board may exchange real or personal property for other property provided that:
- Such property is appraised;
- 1/2 plus one of the members of the full Board determine such conveyance or exchange is in the best interest of the Charter School; and
- A resolution is passed authorizing such exchange of real and/or personal property to any of the following:
- US government;
- City;
- County;
- State of Idaho;
- Hospital district;
- School district;
- Public charter school;
- Idaho Housing and Finance Association;
- Library district;
- Community college district;
- Junior college district; or
- Recreation district.
Prior to any transferor conveyance of any real or personal property as set forth above, the Board shall have the property appraised by an appraiser certified in the State of Idaho, which appraisal shall be entered in the records of the Board and shall be used to establish the value of the real or personal property. Provided, however, if the Board finds it is in the School's best interests to trade personal property to a person or entity for like kind personal property, the Board may vote to elect to do so. The Board may elect to abstain from an appraisal of the personal property if the estimated value of such property is less than $5,000.
Equipment Acquired Under a Federal Award
When it is determined that original or replacement equipment, as defined in Policy 7270, acquired under a federal award is no longer needed for the original project or program or for other activities currently or previously supported by a federal awarding agency, the Executive Director, his or her designee, or the Business Manager will contact the awarding agency (or pass-through for a state-administered grant) for disposition instructions.
Generally, disposition of equipment is dependent on its fair market value (FMV) at the time of disposition. If the item has a current FMV of $5,000 or less, it may be retained, sold, or otherwise disposed of with no further obligation to the federal awarding agency. If the item has a current FMV of more than $5,000, the federal awarding agency is entitled to the federal share of the current market value or sales proceeds.
If acquiring replacement equipment, the Charter School may use the equipment to be replaced as a trade-in or sell the property and use the proceeds to offset the cost of the replacement property.
The School will use whatever means available to ensure the highest possible return on any items sold.
Capital expenditures for special purpose equipment are allowable as direct costs, provided that items with a unit cost of $5,000 or more have the prior written approval of the Federal awarding agency or pass-through entity. Therefore, the Charter School should request prior approval from the State Department of Education for the purchase or the disposition of equipment with value of $5,000 or more.
Cross Reference:
§ 2510 P Selection of Library Materials
Legal References:
2 C.F.R. § 200.313(e) Equipment Disposal
2 C.F.R. § 200.439(b)(2) Equipment and Other Capital Expenditures
I.C. § 33-402 Notice Requirements
I.C. § 33-601 School Property - Real and Personal Property - Acquisition, Use or Disposal of the Same
I.C. § 33-5204 Nonprofit Corporation - Liability - Insurance
I.C. § 67-2801, et seq. Purchasing by Political Subdivisions
I.C. § 74-107 (3) Records Exempt from Disclosure - Trade Secrets, Production Records, Appraisals, Bids, Proprietary Information, Tax Commission, Unclaimed Property, Petroleum Clean Water Trust Fund
Policy History
Adopted on: August 16, 2021
Revised on:
Reviewed on: