[Genealib] valuation of genealogical materials

[Dusty Gres]

The Ladson Genealogical Library, an entirely separate collection/branch of
this system had to be evaluated when we acquired and took possession of the
full collection in 1999.  Working with the insurance company we established
a series of guidelines. First, establishing that the collection, in terms of
fixed assets for the audit, "was an inexhaustible historical/special
collection and as such was not capitalized or depreciated for financial
reporting purposes."

We change the value for things we have ADDED.  We do not depreciate. 

Initially, we reviewed those items for which we had a price; divided into 2
groups, over $25.00 and less than $25.00. We divided the number of items
into the total price in the two groups to find the average price of that
type of material. (Regular standard genealogical reference-type works with
no price were assigned an average price of $55.00 which was the Bowker
standard reference work price for that year).

Then, other items without a price where assigned to their similar "group."
We had to go similar.  They were then given the average price of the group.

However, we are systemically inventorying, recataloging and re-assessing.
(It is an exhaustive process since there were more than 50,000 items). Many
of these items were boxed in storage.   When we recatalog, we review online
auctions, contact rare book dealers, for either the item or a similar item,
and assign a value as we can find.

We have had exhaustive discussions over the value of one-of-a-kind,
particularly when you are talking about a hand illustrated leather bound
book over 400 years old, and we are working on a grant for a professional
evaluation of those items, as we find them and assign them to the rare book
room.

Collected papers, we have found, are usually considered worthless unless
they belong to a former President or famous author. What is valuable to the
genealogy user is not necessarily valuable to the insurance company.

However, those items for which we could not find anything with which to
compare (similarity in the auctions is what we use if there is nothing else.
For instance, currently on eBay there is a set of collected papers going for
about $50.00.)

As we re-catalog and revalue, we change the overall reported value of the
collection. Note, this is only done as we re-catalog - we do not randomly up
the value of the collection. That is contrary to audit principles. We also,
of course, deduct anything we have had to delete. However, if we rebind or
clamshell an item we add that cost to the value of the item. Donated items,
unless there is a clear value we can find (NOT THE PRICE THE DONOR GIVES)
are assigned the general reference price at donation. We review Bowker to
determine new prices and have upped our prices every other year.

Please note, we keep exhaustive records on how we determine.  If we use an
auction for similarity, we print out a page of the auction note. We run an
item report each year.  We do random inventories.

Neither the insurance company nor the auditors are really comfortable with a
collection that is just really "moldy old books," that could be replaced
with nice shiny new ones, especially when you tell them that those moldy old
books can't be replaced and are worth several million dollars. That's when
you start hearing about how the insurance is going up and what are you doing
in terms of security?

 

 

 

Dusty Gres

Director

Ohoopee Regional Library System

610 Jackson Street

Vidalia, GA 30474

http://www.ohoopeelibrary.org

"Common sense and a sense of humor are the same thing, moving at different
speeds.
A sense of humor is just common sense, dancing."
William James

  _____  

From: genealib-bounces at mailman.acomp.usf.edu
[mailto:genealib-bounces at mailman.acomp.usf.edu] On Behalf Of Lila
Porterfield
Sent: Wednesday, April 22, 2009 8:34 PM
To: genealib at mailman.acomp.usf.edu
Subject: [Genealib] valuation of genealogical materials

 


We are currently in the process of determining the valuation of our
library's genealogy collection for insurance purposes and have hit a snag
with some local history items which are irreplaceable and one-of-a-kind.
For example, we have the records of a local funeral home which went out of
busness a few years ago - these records go back nearly a century.  I would
appreciate hearing from some of you who might have knowledge of how to go
about setting values for items such as the funeral records, local
scrapbooks, donated records of local families, etc.  Thank you.

 

Lila Porterfield

Acquisitions/Catalog Librarian

Northeast Georgia Regional Library

Clarkesville, GA  30523

 

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