The purpose of recovering money for lost books is to replace the books that have been lost with the same books, different editions of the books, or books closely related to the topic of the lost books. The funds are supposed to be placed in a "replacement" book fund so these acquisitions can be made. In some cases, the funds have been used for other purposes, including non-book purchases. There is a new development that requires a change in current procedures but not the stated purpose of this expense recovery.
The Libraries will be allowing students and faculty to pay their lost book fee and recall fines with credit cards and Knight Express cards. In order to do this, there must be only one account for depositing the money. At the same time as we prepare for this new service, it is time to review our current policies and procedures related to collection development and management.
Since the funds taken from all the libraries will be commingled in one account, it will be impossible to trace the origin of the funds. What we propose is to have a central book fund for replacement for all the expense recovery related to these fines, regardless of where the funds come from. This would be just like the reserve fund, from which selectors throughout the system purchase books for course reserves. The purpose of the central replacement fund is the same: for selectors to replace books that have been lost with the same books, different editions of the lost books, or books closely related to the topics of the lost books. In order to facilitate the purchase of lost and missing books, a list of all LOST-PAID, LOST-REPL, and MISSING books will be generated on a regular basis from IRIS and emailed to selectors so they can easily identify books that should be replaced.