Policy Statement Capital Assets
PREAMBLE
London Muslim Mosque is responsible for acquisition, maintenance, and disposal of many capital
assets in the form of buildings, equipment, and furniture. Such activity must take place in an
orderly and planned fashion in order to ensure prudent use of London Muslim Mosque resources
Policy
London Muslim Mosque Board of Directors Responsibility
-
All property, buildings, furniture, and equipment purchased by, or donated to London Muslim Mosque or its departments belongs to London Muslim Mosque.
-
The London Muslim Mosque Board of Directors must develop and maintain a ten (10) year rolling capital maintenance and improvement plan where the appropriate costs are provided for in the annual capital budget.
-
Any plans for capital improvement or new capital acquisition outside of the annual capital budget over $50,000 must be approved by the members.
Departmental Responsibility
-
A department may be delegated responsibility for maintenance/repair of a property, building, furniture, or equipment by the Board of Directors. • Where a department is responsible for maintenance/repair of a property, building, furniture, or equipment, the cost of this activity will be included in their annual budget.
-
Where minor property/building maintenance, and furniture or equipment maintenance or replacement is required, and a department is responsible for that asset, it is expected the department’s annual operating budget will have considered this cost.
-
Where the cost for minor property/building maintenance, and furniture or equipment maintenance or replacement is above what the annual departmental budget has considered, and cannot be absorbed within the total department budget, the cost must be brought forward to the London Muslim Mosque Board of Directors for approval prior to expending the money.
Emergency Expenditures on Capital Maintenance or Repair
-
In the case of an emergency (e.g., fire, flood, vandalism) that impacts the condition of property, buildings, furniture, or equipment, the department’s key leader (Principal, Imam, or Operations Manager) will make immediate decisions to mitigate the damage, and to resolve any immediate safety issues resulting from the damage in consultation with the Board Chair.
-
The Operations Manager and Board Chair must be notified as soon as is practicable to contact the insurance company.
-
The rules above regarding expenditures to repair or replace property, buildings, furniture, or equipment applies to the cost of expenditures related to any costs London Muslim Mosque must bear outside of costs that insurance covers.