I had to come up with a method for evaluating our collection earlier this
year and found a number of resources that were helpful. There are some
law-lib postings on topic (going back as far as 1992!) that suggest
different methods of estimating value, but the one that seemed to come up
most often was simply multiplying your volume count by the average current
cost per volume. We all know what "average cost" of a law book is right!
There are two summaries of accounting methods from different libraries in a
12/09/93 law lib post from Jacqueline S. Wright, and in a 6/19/01 post from
Martha Goldman. These can both be found in the archive.
Our school decided, as a quick and dirty method of accounting, to take the
total budget for the last year for books added to the collection, and divide
it by the number of books added to the collection.
the formula looks something like this:
Total book budget last year / # books added last year = average cost per
book
average cost per book * # volumes in collection = estimated value of
collection.
Some other considerations were whether we should add our total supplements
and subscriptions budget, for insurance purposes, because these were
renewing costs every year and whether we should add some cost for processing
(i.e. staff time to order, catalog, shelve etc.) as these would also be
costs associated with replacing the collection.
Our accountants and auditors approved this method, but the school is still
considering hiring an outside company to do a formal appraisal of the
collection at some point in the future.
In addition to the resources listed in Mike Miller's posting, we consulted:
Do You Know the Real Value of Your Library? by Thomas J. Hennen Jr., Library
Journal, June 15, 2001, p.48-50.
Appraisals: a simple tool to protect you and your "bottom line" by David P.
Thorpe, Bottom Line 10, no.1 (1997) p.11-15
Assets and Depreciation or. Only an Accountant Would Claim Books Lose Value,
by Herbert Snyder, Library Administration and Management v.12 no.4 p.226-229
(Fall 98)
Hope this helps, and saves someone else some valuable time when this
question comes up.
Kathryn
Kathryn McTigue-Floyd
Library Director
San Joaquin College of Law
901 5th St.
Clovis, CA 93612
(559) 323-2100
(559) 323-5566 (fax)
-----Original Message-----
From: Mike.Miller@courts.state.md.us
[mailto:Mike.Miller@courts.state.md.us]
Sent: Thursday, October 21, 2004 5:32 AM
To: Nordin
Cc: Anna Kustyana Mukandar; Asmalina; Charles; Chelvam; Clive; Erdi;
Halijah Othman; law-lib@ucdavis.edu; Molly Mathews; Hidayat bin Adnan;
Norlin Shamsul Bahri; Nuraini; owner-law-lib@ucdavis.edu; Lim Poh Choo;
Rahimah Othman; Ratnawati Sari Mohd Amin; Salimah ; Siti Jamaiah; Vance,
Kathryn A.
Subject: RE: Collection evaluation for insurance purposes - help!!
Don't know whether this information has already been offered. Two sources
our library frequently refers to when faced with this question:
1. Insurance manual for librariesby Gerald E. Myers. ALA 1977. (there may
well be a later ed.?)
2. 66 LLJ 241 (1973)
3. Legal Research & Law Library Management. Rev. ed. 2004. chapter 34A
"Insuring Against Library Disasters".
Hope this helps.
Mike
Mike Miller
Director, Maryland State Law Library
Robert C. Murphy Courts of Appeal Bldg.
361 Rowe Blvd.
Annapolis, MD 21401
(410) 260-1430
"Nordin"
<nordin@taypartne To: "Vance, Kathryn A."
<VanceK@mjsc.com>, <law-lib@ucdavis.edu>
rs.com.my> cc: "Chelvam"
<chelvam@zain.com.my>, "Lim Poh Choo"
Sent by:
<poh.choo.lim@wongpartners.com>, "Asmalina"
<asmalina@leehishammuddin.com.my>,
owner-law-lib@ucd "Hidayat bin Adnan"
<norhi567@salam.uitm.edu.my>, "Halijah Othman"
avis.edu <halijah@ilkap.gov.my>,
"Charles" <charles@zulrafique.com.my>, "Norlin Shamsul Bahri"
<norlin.shamsul@zaidibrahim.com.my>, "Ratnawati Sari Mohd Amin"
<ratna@um.edu.my>,
"Clive"
<clivep@shooklin.com.my>, "Nuraini" <nuraini@iiu.edu.my>, "Siti Jamaiah"
10/20/2004 09:03
<sitijamaiah@shearndelamore.com>, "Anna Kustyana Mukandar"
<annakm@pkrisc.cc.ukm.my>,
PM "Salimah "
<salimah@agc.gov.my>, "Rahimah Othman" <Rahimah@mida.gov.my>, "Erdi"
<edy@kehakiman.gov.my>,
"Molly Mathews" <mmathews@chooi.com.my>
Subject: RE: Collection
evaluation for insurance purposes - help!!
I am also very interested to know to any suggestion on this because I am
also in the middle of formulating the appropriate value of our library
collection for insurance purposes. Any suggestions/solutions are very much
appreciated.
Thanks.
Shaikh Mohamed Noordin
Librarian
Tay & Partners
Advocates & Solicitors | Registered Patent Agents | Registered Trade Mark
Agents | Registered Industrial Design Agents
6th Floor, Plaza See Hoy Chan, Jalan Raja Chulan, 50200 Kuala Lumpur,
Malaysia
Tel: + 603 -2050 1888 DID: + 603 -2050 1860
Fax: +603- 2072 6354
nordin@taypartners.com.my
www.taypartners.com.my <?xml:namespace prefix = o ns =
"urn:schemas-microsoft-com:office:office" />
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-----Original Message-----
From: owner-law-lib@ucdavis.edu [mailto:owner-law-lib@ucdavis.edu]On
Behalf Of Vance, Kathryn A.
Sent: Wednesday, October 20, 2004 10:57 PM
To: law-lib@ucdavis.edu
Subject: Collection evaluation for insurance purposes - help!!
This morning I was asked to come up with a figure for the value of
our collection for insurance purposes (by tomorrow of course) I have
done a very brief literature search, looked at the law lib archives
for the past two years, and am going to spend some time with Ken
Svengalis's book Legal Info...Buyers Guide...
I feel like I saw something on Law lib - but it might have been a
long time ago.
Does anyone have any suggestions on how to put a value on a law
library collection (quickly) I will have an opportunity to change
this figure later (then I'll have some time to think!)
thanks
Kathy Vance
Director of Library Services
Miller, Johnson, Snell & Cummiskey, P.L.C.
250 Monroe NW, Suite 800
Grand Rapids, MI 49503
Phone: (616) 831-1875
Fax: (616) 988-1875
E-Mail: vancek@mjsc.com
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