Surplus University Property |
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Principle: |
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Purpose:• To provide a procedure whereby user departments are encouraged to identify and list for disposal property surplus to their requirements. • To provide a procedure for documenting and recording University property identified for external disposal. • To ensure that the change in status of items listed on the Fixed Asset Inventory Listing resulting from declaring items as surplus is reported to Financial and Administrative Services. |
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Scope:University wide and applies to:
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Definitions:Surplus Property – Items such as furniture, equipment, computers, and machinery that have reached their maximum benefit for reasons such as wear, obsolescence, and changes in technology or teaching methods. Fixed Asset Inventory Listing – a listing of items such as furniture, equipment, computers, and machinery that are recorded as fixed assets by the University | ||||||||||||||||
Policy:The University, as a publicly funded institution, ensures that when its property has reached its maximum benefit, disposal of that property will occur in a manner that ensures a fair and transparent process. Any property that is surplus to a department’s needs should be identified and options explored, in order of priority, either to allocate the equipment within the University, transfer the property to another publicly-funded institution, or offer the property to the public at large through solicitation of bids or public auction. No disposal action will result in an employee of the University or their agent realizing any personal gain through acquisition of property or share of proceeds obtained from its disposal. | ||||||||||||||||
Related Documents:Vehicles – University Owned or Leased Policy Fixed Asset Change or Delete Form | ||||||||||||||||
Procedures |
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