Policy number: 4.9
Policy section: Business & Finance
Revised Date: January 2, 2019
Definitions of capitalized terms are set forth in Appendix A.
2. Policy Statement
It is the policy of the University that all Excess Property must be assessed to determine whether there is another University use for the Excess Property.
The purpose of this policy is to provide the University with a method to evaluate the disposition of Excess Property and to determine the disposition that is in the best interest of the University.
This policy applies to all University Divisions. All University Personnel responsible for property management and disposition of Excess Property must comply with this policy.
5. Scope of the Policy
- Responsibility for review prior to the sale or disposition of Excess Property is as follows:
- The Office of Information Technology must assess computers and computer equipment.
- The Office of Research and Graduate Studies must assess all Excess Property titled to or funded by the United States government or other research grantor or sponsor.
- The Purchasing Department must assess automobiles, other motorized equipment, and all other Property.
- The University Divisions identified above are responsible for reporting the disposition of the Excess Property to the Controller’s Office as required by University Policy 4.3, Capital Assets.
- All University Divisions and University Personnel holding Excess Property must contact the office or department identified above with information about the Excess Property. The University Divisions identified above are responsible for determining whether the Excess Property is usable and should be transferred to another University Division or should be sold, scrapped, or recycled, and is responsible for advertising and selling the property, if appropriate, with the assistance of the Purchasing Department.
- The Purchasing Department will coordinate the transfer, sale or disposal of Excess Property, providing a reasonable dollar credit to the University Division relinquishing the Property to other University Divisions, or the sales proceeds, less costs incurred to sell the Property and sales tax.
- Employees may purchase Excess Property at published sales sponsored by the University.
6. Penalties for Non-Compliance
Violations of this policy may result in the employee being personally financially responsible for the purchase and/or subject to disciplinary action up to and including termination or legal action.
Questions about this policy may be directed to the Vice President for Business and Finance.
Appendix A: Definitions
“Excess Property” means Property allocated to a University Division determined to be in excess of the requirements of the University Division.
“Property” refers to all equipment, vehicles, furniture, office machines, computers and computer equipment, and other personal property and fixtures owned or managed by the University, but excludes real property.
“University Division” means each School, College, division, office, department or program.
“University Personnel” means faculty, staff, students, volunteers and contractors.
Revised: January 2, 2019
Adopted: January 1, 2010