This overview will introduce you to the Developing Assets section of the Sports Kitbag. It will briefly define what an asset is in the context of acquiring and developing your community building, hall or sports facilities.
What is an asset?
Assets can range from monetary to buildings and land, which can be used to meet operational needs, held in ?trust? for future needs or held in a way as to produce income.
The following list provides a range of assets a community enterprise or business might acquire:
- Operational assets ? buildings and equipment required to undertake the business
- Current assets ? available to meet current expenses or for any other purpose (grants, income, loan repayments)
- Endowment assets ? physical or monetary assets held in a permanent way and used to produce income
- Trust assets ? assets required to meet some future need which may or may not be defined (e.g. advance payment of grants, reserves) including assets held in ?trust? on behalf of the community
(From Frisbee, 1930 in Elliot, 2004)
What can Asset Transfer do?
The reason for asset transfer can vary from national and local policy objectives to the threat of provision at a local level. This may include a local authority deciding to ?transfer? a facility to the local community to manage in ?trust?.
Asset transfer projects can:
- Deal with vacant land, dereliction or deteriorating property infrastructure in disadvantaged areas
- Create foci for economic and community enterprise development supported by government special area based spending programmes
- Support strategies to build community capacity to manage assets and deliver services locally with the benefit of an income that the asset provides
- Provide opportunities for long term joint working and dialogue between statutory agencies, the private sector and people who live and work in disadvantaged areas
- Contribute to community governance and decision making at local level
Asset transfer can be a complicated and tricky business. There are many potential barriers for transferring assets such as buildings and land from statutory and other public agencies to independent community enterprises and organisations.
Visit the Guides & Publications section for introductions and guides to the transfer and development of assets.
References:
Elliot, R. (2004) Barriers to Assets Transfer
Frisbee, I. N., (1930) Problems in presenting the financial condition of an endowed college or university. The Accounting Review, Sept 30, Vol. 5 Iss. 3 pp215-221