RELATED TO POLICY SERIES NO: 5035
TITLE: DISPOSITION OF SURPLUS COLLEGE ASSETS
To establish procedures for disposal of surplus property.
When college equipment or materials are no longer required for college purposes, the applicable Administrative Rules and Board Policy will govern the disposal of surplus property.
This Administrative Rule will facilitate the prompt disposal while protecting the college, its employees, and Board of Education from practices that would give, or appear to give, a pecuniary benefit to college staff or Board members.
Distribution to other campus departments (outlined in C.1. below) will serve as the preferred course of action for disposal.
With approval of the director of accounting and budget or his/her designee, net monies realized from the sale of surplus property will be deposited according to any restrictions of the initial funding source and will, whenever possible, be deposited to an account from which replacement supplies and equipment may be purchased by departments disposing of items.
The following process pertains to any items with an original purchase price of $5,000 or more. These fixed assets are formally documented through an inventory process (AR 5035-06) and are subject to guidelines for official removal.
Any assets under the $5,000 threshold are still college property and must be removed in accordance with one of the methods outlined in section C. No official notification or documentation (as outlined in sections A and B) is required.
- Each responsible administrator will declare items surplus by notifying the Facilities administrative office on Asset Disposal forms. The property will be specifically identified or listed by location.
- The Facilities administrative office will inspect the property within 30 days of receipt of the notification and determine the disposal method. The responsible administrator is encouraged to note a preference for disposition method on any items.
- The Facilities administrative office will dispose of the items in one or more of the
- Distribution to Other Campus Departments
Screen items declared surplus for potential utilization by other campus departments. A list will be circulated periodically of items available for distribution. When items are selected, the requesting individual will initiate an Asset Transfer form.
- Sale, Trade, or Donation to Other Public Agencies
Make direct sales to other political subdivisions at prices set by the director of accounting and budget or his/her designee. Property may be exchanged with or donated to another public agency upon approval by each agency's chief executive officer or designee. Such an exchange shall be documented as public record.
Consign items to auction or to a sales lot. The college will be reimbursed on either a percentage or a flat-fee basis for such consignments.
- Oral/Silent Auction or Sale
Hold campus auctions, oral or silent, or an auction in conjunction with other local public agencies. Such auctions or sales will be advertised in local newspapers, the Insider, and the Commuter.
- Internet-based Auction or Sale
Hold competitive web auctions or a web-based auction in conjunction with other public agencies. Such auctions or sales will be of sufficient duration to attract a reasonable number of bidders.
- Sealed Bids
Advertise items in local papers, college Insider, and the Commuter for sale by sealed bid. Minimum prices may be established by director of accounting and budget or his/her designee. If there is no sale at the minimum and the sealed bid process is repeated on the same item, no minimum price will be set on the subsequent sealed bid. All bids may be rejected if no acceptable bid is received and alternate disposal process selected.
- Trade In
When it is prudent to dispose of items by trade in, the purchase order for the replacement item will clearly detail the full price of the replacement item and the allowance value of the item traded in.
- Distribution to Other Campus Departments
Sale or disposal by any means other than those outlined above must be approved by the vice president of finance and operations or his/her designee.
DATE OF ADOPTION: 08/13/84
DATE(S) OF REVISION(S): 01/02/86; 11/17/87; 07/29/98; 11/17/98; 05/02/11; 10/31/16
DATE OF LAST REVIEW: 10/31/16