Section's Capital Equipment Purchase and Disposal
Capital Expenditure* Policy is as follows:
A section must seek Sections Board Finance Committee approval for annual capital expenditures exceeding $3,000 U.S. or 3% of their reserves; whichever is greater (with the exception of real estate, which requires approval by the SAE Board of Directors or its designee).*Capital expenditures are purchases for long-term assets such as equipment, building, or land.
After a section makes a capital equipment purchase, you should contact Nicole Iorfido, Local Activity Specialist, (724.772.7570 or email@example.com), to report the serial number, make and model for insurance purposes.
The Sections Board requires sections to obtain approval before taking any action that could impose financial obligations upon future governing boards. Such actions include employment of paid secretaries, officers or assistants, rental of office space, affiliation with other organizations, etc.
Disposal of Capital Equipment
Sections are permitted to dispose of their obsolete or out-of-date equipment such as computers, projectors, cameras, etc. as they see fit. However, SAE hopes that sections would seek out organizations or schools that are in need of lower end machines or equipment and donate this equipment. Since SAE is tax exempt, there is no tax write off considerations on donated equipment. Sections should also contact Jacque Wearing of Sections to notify that the section has disposed of this equipment.
Before a section disposes of a building or land, they should notify Nicole Iorfido, Local Activity Specialist (724.772.7570 or firstname.lastname@example.org), that they are doing so.