Polystyrene (Styrofoam) block foam is not recyclable in Fort Collins and should be disposed of in the trash.

The nearest locations recycling this material are Green Girl Recycling (may pick up for a fee) in Longmont and the Center for Hard to Recycle Materials (CHaRM) in Boulder, which can accept #6 white block foam (typically used for packaging electronics). If you are unable to take it to either location, block Styrofoam should be landfilled. 

Foam packing peanuts can be reused.

More information: The best way to handle Styrofoam is to not receive it in the first place. Contact the manufacturer of the item you received packed in foam and request they take their foam back or package their product in universally recyclable packaging, such as molded paperboard.