The audit committee at my church is conducting an "asset inventory" for insurance purposes. This includes the library. Has anyone else been part of a project like this, and can you offer any suggestions on how to prepare for it and assist with it?
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Yes, I was involved in this for a couple of libraries. Many organization and accountants use the 'declining value' of an assett rather than a true value and an updated value of a book collection 'replacement value'. So make sure you are stating an estimated replacement value, not the book cost. Further, there is no set, but accountants always depreciate even historical stuff--which I find is really not good at all for insurance purposes.
There is a guide here at this site, but I'm not sure I would want to use it, but it would be helpful to see what is involved.
https://app.lla.la.gov/documents/practitioner-tools/Libcoll.pdf
At one library I just guessed at the general cost of a book (not a reference book) and the possible cost of replacement and came up with a general figure of $25/book. That was a long time ago, so I'm thinking it would be more like $50/book now; cost plus cost of purchasing, accounting, shipping, cataloging, and even shelving.
I hope this will help a little.
It seems a shame not to value rare or just really, really old as they should be--how does one depreciate somehting like that? We've got a Bible that is nearly 200 years old in our library--how in the world would one go about asset inventorying somehting like that?
I'm not a seasoned librarian yet, but have a few thoughts. If you are using the Atriium program, there is a way to print a report showing each holding with an assigned value and a total. However, I don't know if that would be the replacement value.
I would assume you would need to evaluate the larger ticket items which would need to be replaced, if lost in a fire, etc. Ex, computers, printer, the actual bookshelves, furniture if applicable. If you have seasonal decor items for displays, you could possibly place a combined value on those things, as well as all library supplies needed for processing and for library business.
I think this would be a good exercise for all libraries to do. Our church had a break-in where the perpetrator removed all the computer monitors in the library. When you are looking at empty spaces where equipment used to be, you cannot always recall the brand or identifying information for a police report or an insurance claim.
I am reviewing my collection and adding cost information where it is not in the record. It is not the exact price but more a ballpark of $10, 15, $20 (unless the actual cost is listed on the piece). This allows me to develop a total cost or value of the collection for reporting purposes AND the Atrium system uses it to compute how much library borrowers saved by using the library.
Another thought is to take a few photos of the space, including equipment, so that you have a record of what is there in case anything goes missing.
To keep up other inventory in the library, I use Atriuum Express and add a report class for Equipment, then another one for Furnishings. I check the "hide this record from the catalog" box when I create the record. I then assign a barcode number when I add these holdings. As I used to tell my staff, I then catalog "everything not nailed down" and then put a printed barcode on it.
If I wish, I can upload a picture of the item. Then I can easily print a holdings report of all assets in the church library from the Statistical Reports in Atriuum. This report contains the cost of the equipment. The insurance knows how many books and other media we have and what we paid for them, and I have the costs of the equipment and furnishings. The congregation knows how much is invested in the library and the insurance company will have a better idea of replacement costs.
I believe Book Systems has a separate inventory program that a church could use for all its assets and the library could be included but I have never used it.
Rhonda Rolen