Policy 03:035
Surplus Property

University property such as movable equipment or supplies (opposed to real property such as land or buildings) that a department determines to be obsolete, outmoded, or unusable may be declared surplus and disposed of by the University. In classifying surplus property for disposal, the department should consider the following criteria:

1. Character, utility, and function of the property;

2. Economics of the disposal, including the climate and condition of the potential market, the estimated market value of the property, transportation costs, and other related cost factors; and;

3. Sound fiscal and budgetary policy and practices.

Any department declaring University property in its custody as surplus must notify the Property Control Manager in writing by describing the surplus property, including the name, property tag number (if applicable), serial number, condition (known damage, defects, or malfunctions), and other relevant information. After receiving the notice of surplus property, the Property Control Manager will contact the department to arrange for disposal.

Methods of Disposition

When feasible, the University will replace the surplus property through trade-in if the property cannot be used elsewhere in the University. If necessary, the Property Control Manager will store the property until it can be transferred to another department.

Otherwise, the University will use the most advantageous disposal method from among the following:

1. Auction, publicly advertised and held, coordinated by the Property Control Manager.

2. Sale under sealed bids, publicly advertised and held, coordinated by the Vice President for Business Affairs;

3. Transfers to other State agencies and to eligible political subdivisions of the State or other local government entities such as school systems.

Approved 2/99