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What is the primary consideration for the Property Management team when proposing a method of disposal for an asset?
What is the procedure to follow if an asset is still usable but has become obsolete or is in excess of requirement?
Who makes the final decision on the value and method of disposal for a non-fixed asset?
What is the next step after the Procurement and Disposal Team contact the standby disposal service provider for a non-fixed asset?
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What procedure should be followed if an asset can fetch a certain value and the Bank intends to replace it with a new model?
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Who receives the list of items to be disposed of if the item is a high-value fixed asset?
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What is the final step in the disposal process for a non-fixed asset?
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What happens to an asset that is no longer of any value and not usable?
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What should be included in the proposal for disposal of an item?
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Who is responsible for evaluating the tender bid during the auction process?
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What is the next step after the opening of the tender box during the auction process?
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What is unique to the trade-in process?
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Who should witness the opening of the tender box during the auction process?
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What should be done after the winner is declared in the auction process?
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What is NOT a step in the disposal process?
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Who is responsible for conducting the disposal after receiving final decision from top management?
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Under which condition is a sale by auction considered suitable for disposing of an asset?
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What is the condition for disposing of an asset through donation?
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When is trading in an asset considered a suitable disposal method?
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Under which condition is disposal through sale to staff considered suitable?
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What is the final step in the disposal process of a fixed asset?
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When is disposal through disposal or throwing away considered suitable?
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What is the primary condition for selling an asset through auction?
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What is the common condition for disposing of an asset through donation or sale to staff?
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Study Notes
Disposal of Assets
- Assets to be disposed of are categorized into two types: non-fixed assets and fixed assets.
Methods of Disposal
- Depending on the type and value of the asset, the Property Management team proposes the best method of disposal.
- Five methods of disposal:
- Trade-in: if the asset can fetch a certain value and the Bank intends to replace it with a new model.
- Sale by auction: if the asset is still usable but has become obsolete, not economical to maintain, or in excess of requirement.
- Sale to staff: if the asset is still usable but has become obsolete, not economical to maintain, or in excess of requirement, and is believed to be of value to the Bank if possessed by staff.
- Donation: if the asset is still usable but has become obsolete or in excess of requirement.
- Disposal or throw away/burning: if the asset is no longer of any value and not usable.
Execution of Disposal
- For non-fixed assets:
- The Property Administrator notifies the Procurement and Disposal Team.
- The EPTSMD Director and Disposal Team make the final decision on value and method of disposal.
- The Procurement and Disposal Team contacts the standby disposal service provider.
- The team conducts the disposal as per the standby disposal agreement.
- Any payment from the disposed item is received and handed over to the service provider.
- The team provides an authorized document to the Store Keeper and the PPMP clerk to update the "Disposable item database".
- A report is compiled.
- For fixed assets:
- If high-value, EPTSMD prepares a disposal proposal and presents it to top management for final decision.
- If approved, the disposal is executed accordingly.
Disposal Proposal
- A disposal proposal should contain:
- Details of the item: type, date of purchase, value of purchase, reason for disposal, etc.
- The minimum selling value of the scrap.
- The most appropriate method of disposal.
Sale by Auction
- The bid is floated.
- Disposal tender forms are submitted by bidders.
- The tender bid is evaluated by the Disposal Team and approved by the relevant approving authorities.
- The winner is declared through formal media.
- Sales proceeds are collected.
- Goods are delivered to the winner.
- Necessary documents are received and handed over for the transaction.
Trade-in
- The bid is floated or the relevant organization is contacted for a specific brand.
- The bid is evaluated.
- Disposal tender forms (trade-in) are submitted by bidders.
- The tender bid is evaluated by the Disposal Team and approved by the relevant approving authorities.
- The winner is declared through formal media.
- Cash is paid and the old item is delivered to the winner.
- The new item is received.
- Necessary documentation is received.
- Legality and title deed transfers are completed, if necessary (e.g., in the case of vehicle trade-in).
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Description
Learn about the procedures for storing and disposing of office supplies and assets, including methods of disposal and trade-in processes.
