Board Orientation Manual 2024

Outright ownership may be expensive because of the ancillary costs, e.g. insurance, storage, and transportation. In addition, obsolescence and wear and tear would contribute to the cost of ownership. After considering all of the alternatives, it may still be most advantageous to purchase certain assets outright, but the alternatives must be considered. 9.2 OWNERSHIP AND USE 9.2.1 Ownership All purchased capital assets, whether bought by the host society or the Society, are the property of the BC Games Society. Any assets donated to the host society may be either retained by the community after the Games or they may become the property of the Society, at the option of the BC Games Society. Any assets donated to the Society are the property of the BC Games Society. 9.2.2 Use Except for office furniture and equipment in the Society’s office, all other capital assets are transferred from Games to Games. The shipping host society pays for shipping. Storage and insurance are the responsibilities of the receiving host society. 9.3 INVENTORY An accurate and up-to-date inventory of all capital assets must be maintained. This applies to purchased, as well as donated assets. 9.3.1 Purposes The inventory of capital assets is maintained for the following reasons:  To ensure adequate availability of assets to satisfy the quantity required for the next Games;  To enable identification of missing items due to loss, theft, or destruction when the book record is reconciled with the actual quantities on hand;  To consider proper Risk Management policy and actions; and  To record the dollar value for items in the inventory for management information. 9.3.2 Inventory Records The capital asset inventory should, where possible, show for each asset, or group of assets the

following information:  Acquisition date;  Quantity;  Unit Price;  Total Cost (including Tax, Shipping, etc.);  Donated Value – estimated;  Suppliers;  Brief indication of use;

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