The Status table holds the values you assign to Objects in the database. I've suggested a few values: In Collection, On Exhibit, and Out On Loan. You can change these or enter additional status values to suit your needs.
There is a permanent Status value: Removed From Collection. This status is used to specify that an Object is no longer in the collection without deleting the information about the Object. It is often useful to continue to keep that information in the archive. This special status code allows you to do just that.
The Status value is a required field and can hold a maximum of 30 characters.
The Status selection window looks like this (notice that Removed From Collection is an option):