The paper examines the theoretical and practical aspects of managing the territorial communities’ assets. Legal foundations of exercising their powers by local authorities are determined. The approaches of various researchers are outlined, and the positions of leading organizations in terms of defining the nature of the assets management concept are presented. The paper argues that the main function of assets management consists in securing the flow of information and knowledge for the organizations to support the decision-making regarding the asset’s life cycle from planning to elimination. The objective and peculiarities of the assets management process are determined. The differences between assets management by governments and private organizations are outlined, and the fact that the most obvious difference between these two systems consists in the objective of assets management is proven. The author argues that despite the difference, the two systems are similar in the strive to achieve the organizations’ goals as efficiently as possible. The paper emphasizes that joint efforts of the state representatives (local governments), private sector (business), and non-governmental sector (non-commercial organizations, civil society) are necessary for efficient management of territorial communities’ assets. It proves that assets management is a key strategic responsibility of municipal managers because the assets’ condition and their location will determine the nature of services granted by a territorial community and opportunities for their development and relaunching. The author mentions that the complex process of assets management can be caused by many reasons but substantial ranging within various assets categories as well as their variety by the longevity should be emphasized the most. The six most essential factors of efficient management of territorial communities’ assets are outlined. The Canadian practice in the management of territorial communities’ is analyzed on the example of Fredericton in New Brunswick. The perspective positive effects from adopting the Law of Ukraine “On Public and Municipal Assets Rent” № 157-IX as of 3 October 2019 are examined. 

management, assets management, assets, territorial community, efficiency