Print Friendly

POL 2.115 Disposal of College Owned Property

Any college item that has been replaced with a new item, is no longer in use or needed by the college, or has been deemed to be obsolete or unserviceable shall be disposed of in a manner that serves the best interest of the college.

PRO 2.115 DISPOSAL OF COLLEGE PROPERTY

  1. Every effort should be made to submit requests for the disposal of college property during the development of the preliminary and working budget.
  2. Any single item having an estimated market value of $15,000 or more shall have authorization from the board of trustees for its disposal.
    1. Request for disposal of property must be submitted using the approved form (see attached) and include:
      1. Name/serial number and inventory number of item.
      2. A complete description of the item.
      3. Source of purchase (i.e. federal surplus, restricted funds, general fund monies, donation).
      4. Date of purchase.
      5. Estimated current market value and minimum bid.
      6. Rationale for request to dispose of item.
        1. The item has been replaced.
        2. The item is no longer in use or needed.
        3. The item has been deemed to be obsolete or unserviceable.
      7. Recommended method for disposal and rationale.
    2. Request for disposal may be initiated by any college employee and shall have the approval of the appropriate department chairperson and dean.
    3. Request for disposal of college property shall be forwarded to the chief financial officer for review and submission to the board of trustees for action.
    4. Following approval by the board of trustees, the chief financial officer shall be responsible for the disposal of the property.
      1. College property shall be disposed of using one of the following methods:
        1. Auction
        2. Closed bids resulting in an outright sale
        3. Closed bids resulting in a trade for property of equal or greater value that can be used to either replace the function of the outdated property or enhance the instructional goals of the college and have benefits that would outweigh the benefits of an outright sale.
      2. All bid offers shall be reviewed by the employee initiating the request for disposal, the appropriate department chair, dean, and chief financial officer. The final decision is the responsibility of the chief financial officer and shall be made in the overall best interest of the college.
  3. Any single item having an estimated market value of $2,500 to $14,999 shall have authorization from the President for its disposal.
    1. Request for disposal of property must be submitted using the approved form (see attached) and include:
      1. Name/serial number and inventory number of item.
      2. A complete description of the item.
      3. Source of purchase (i.e. federal surplus, restricted funds, general fund monies, donation).
      4. Date of purchase.
      5. Estimated current market value and minimum bid.
      6. Rationale for request to dispose of item.
        1. The item has been replaced.
        2. The item is no longer in use or needed.
        3. The item has been deemed to be obsolete or unserviceable.
      7. Recommended method for disposal and rationale.
    2. Request for disposal may be initiated by any college employee and shall have the approval of the appropriate department chairperson and dean.
    3. Request for disposal of college property shall be forwarded to the President for action.
    4. Following approval by the President, the chief financial officer shall be responsible for the disposal of the property.
      1. Equipment shall be disposed of using one of the following methods:
        1. Auction
        2. Closed bids resulting in an outright sale.
        3. Closed bids resulting in a trade for property of equal or greater value that can be used to either replace the function of the outdated equipment or enhance the instructional goals of the college AND have benefits that would outweigh the benefits of an outright sale.
      2. All bid offers shall be reviewed by the employee initiating the request for disposal, the appropriate department chair, dean, and chief financial officer. The final decision is the responsibility of the chief financial officer and shall be made in the overall best interest of the college.
  4. Any single item having an estimated market value of less than $2,500 shall have authorization from the chief financial officer.
    1. Request for disposal of property must be submitted using the approved form (see attached) and include:
      1. Name/serial number and inventory number of item.
      2. A complete description of the item.
      3. Source of purchase (i.e. federal surplus, restricted funds, general fund monies, donation).
      4. Date of purchase.
      5. Estimated current market value and minimum bid.
      6. Rationale for request to dispose of item.
        1. The item has been replaced with updated equipment.
        2. The item is no longer in use or needed.
        3. The item has been deemed to be obsolete or unserviceable.
      7. Recommended method for disposal and rationale.
    2. Request for disposal may be initiated by any college employee and shall have the approval of the appropriate department chairperson and dean.
    3. Request for disposal of equipment shall be forwarded to the chief financial officer for review and action.
    4. Following review and approval, the chief financial officer shall be responsible for the disposal of the equipment in any manner deemed to be in the best interest of the college.
  5. It shall be the responsibility of the initiator to assist the business office with the following activities:
    1. Packaging and displaying items as necessary.
    2. Identifying advertising media.
    3. Answering inquiries concerning the advertised items.
  6. All equipment that has been disposed of shall be removed from the college inventory. It shall be the responsibility of the chief financial officer to notify the appropriate agencies (i.e. appraisers, insurance).
  7. All proceeds from the sale of college property shall be deposited in the college’s general fund in accordance with Generally Accepted Accounting Principle.
  8. College equipment purchased as federal surplus, excess property, with restricted funds, or any legal constraints shall be disposed of in accordance with existing laws or regulations.