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"Useful Life" is the estimated number of months or years that an asset will be able to be used for the purpose for which it was acquired. Eligible Capital Assets should be depreciated over their estimated Useful Lives. 3. Procedure for Depreciating Capital Assets The District will use a straight-line methodology for depreciating all Capital Assets. Depreciation will begin in the month the asset is placed in service. Under the straight- line depreciation method, the Capital Asset Valuation basis of the asset is written off evenly over the Useful Life of the asset. 4. Procedure for Equipment Asset, Excess Personal Property, and Scrap Materials Retirement Upon the end of their Useful Life, Equipment Assets should be retired from the District. Each activity head shall periodically review their division's Personal Property to determine which items are excess to activity needs and then prepare and circulate a written list of such items to other District activities using like items. If not required by other activities, a recommendation shall be made that the property be declared excess to District needs and, upon approval, arrange for its transfer and proper retirement. Each activity head shall periodically review their division's materials to determine which items are considered Scrap Materials. A recommendation shall be made that the materials be declared Scrap Materials and, upon approval, arrange for its transfer and proper retirement. 5. Methods of Disposal of Equipment Assets, Excess Personal Property, and Scrap Materials A. Sale Criteria: Equipment Assets, Excess Personal Property, and Scrap Materials shall be offered for sale "as is" and 'Where is." The District will - make no warranty, guarantee or representation of any kind, expressed of implied, as to the condition, utility or usability of the property offered for sale. Equipment Assets, Excess Personal Property, and Scrap Materials shall be available for inspection prior to sale at a location(s) designated and announced by the District. Any loading, weighing, or other labor or expense involved in taking possession of the property will be borne by the successful purchaser/bidder. All sales shall be final and payment made at time of sale. 1) Sale by Auction: Notice of public auction shall be given at least seven days before the date fixed by publication in a local newspaper of general circulation or by such other means as will best publicize the proposed sale or other disposition to those persons most likely to bid for or purchase the Equipment Assets, Excess Personal Property, and Scrap Materials. The public notice shall specify the date, time and place where the sale will be held and generally describe property to be sold at said public auction. 2 1/5/2021