It shall be the policy of the Board of Trustees to dispose of surplus or obsolete equipment, materials, and supplies no longer required to accomplish the objectives of FIS. Disposal of such items shall be the responsibility of the Head of School or designee after it is assured that they are no longer of any use to FIS.

Surplus items having no resale value may be offered without cost to charitable and civic organizations, or disposed of by the most efficient method, without Board approval.

Surplus items having a fair market value of € 5,000 or less may be disposed of by the Head of School or designee at the most advantageous price by private sale, without advertising and without Board approval. If a sale would normally be within the authority of the Head of School, but if the proposed buyer is an employee or member of the FIS community, the Head of School will seek the approval of the Treasurer or the Chair of the Board.

Items having a fair market value of more than € 5,000 shall be advertised for sale, upon approval of the Treasurer or Board Chair, and sold to the highest bidder.

Any funds received from the sale of equipment, materials, or supplies shall be deposited in an FIS bank account. Records of the disposal shall be kept.