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11. Business and Financial Operations

11.5. Equipment and Property

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11.5.1. Surplus Property

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Effective Date: 6-7-65

Revision Date: 9-25-73

The vice-president for business and finance is authorized to use the following procedure in handling surplus property: 

  1. If a department has no further use of an item, it is declared surplus to that department, and will be transferred to another department if there is any need or use for it. 
  2. If no department or function has use for such an item, it is declared surplus to that department, and will be transferred to another department, if there is any need or use for it. 
  3. If no department or function has use for such an item, the vice president for business and finance, or an authorized representative, may declare it surplus University property and place a value on it for sale. 
  4. If the surplus item has a current market value of $500 or less, it may be sold to a willing buyer by advertising and/or sealed bids.  If there are no willing buyers, the property may be disposed of through gifts or other means. 
    Any surplus item with a market value of more than $500 must be sold through the sealed bid process only. 
  5. If the plan of sale is by sealed bids, a bid by a University employee will be considered  only if a minimum of two other bids have been received from sources external to the university, thereby requiring a minimum of three bids for such sales

 

 

Authority for Creation and Revision

Minutes of the Board of Regents, June 7, 1965, para. .244M.
Administration, September 25, 1973.