Disposal of Surplus University Property Procedure

Owner	Administration and Finance
Contact	[email protected]
Document Type	Procedure
Issue Date	January 2014
Last Review	August 2025
Related Documents	Disposal of Surplus University Property Policy

Contents

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1. Procedure
2. Contacts

A. Procedure

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A. Transferring assets for sale or disposal:

1. 1. The transferring asset department will:
      1. Prepare the Equipment Transactions form (see attachment) indicating a transfer for sale or disposal.
      2. Obtain supervisory approval on the
      3. For capitalized assets (over $25,000 at the time of purchase), contact the accounting office for recording the transfer of fixed assets.
      4. For non-capitalized assets, complete a customer service request in AiM (Work Order Management System) for campus services to retrieve the equipment. This will serve as notification to Facilities Management that equipment for sale needs to be moved or disposed.

B. Disposal of assets by public sale:

1. 1. 1. Facilities Management will:
         1. Provide a notice if any items are available for reassignment (transfer) within the
         2. Advertise the items both on and off campus.
         3. Remove tags for surplus property sale
         4. Conduct a public or online
         5. Record the costs and proceeds of the sale to
         6. Prepare a bill of sale.
      2. The Student Financial Services Office will:
         1. Support the deposit with receipt forms containing the amount of the sale and/or suitable description of the assets.
         2. Send all Miscellaneous Receipt Forms to the Accounting Office for recording in account D11603 for surplus sales
         3. Accounting will review the Equipment Transactions forms and the asset
         4. Record the appropriate asset disposal transactions in
         5. Distribute the net proceeds of the sale when requested by Facilities

C. Disposal of assets by other than public sale, including trade-in:

1. 1. The appropriate department manager will send a proposal for disposal to Accounting for approval. The proposal will include:
      1. The recommended disposal
      2. An Equipment Transactions (disposal notice)
      3. The estimated or known
      4. Justification for excluding the asset from disposal by public
      5. Return proposals for donations, destruction or disassembly to the department managers with instruction to proceed.
   2. Student Financial Services, in coordination with the department owning the asset will complete the transactions, deposit all funds received, credit the proceeds and charge the costs of sale to the appropriate account, and provide Accounting with the fixed asset tags and a notice of the disposal on the Equipment Transactions
   3. Accounting will maintain a file of pending disposals (other than public sales) to be cleared as disposal notices are received and recorded.
   4. Accounting will record the disposal transaction in

B. Contacts

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For more information, please contact the following departments:

Associate Vice President of Finance
Associate Vice President of Facilities