Procedure for Revenue Distribution from Disposal of Surplus Assets
Approval Date: 2017-05-11
Effective Date: 2017-06-01
Responsible Unit: Department of Facilities Management
1. At the:
a) St. John’s campus, Facilities Management (FM) directs all amounts generated from the disposal of Surplus Assets to the originating Unit’s operating budget when the amount, less the disposal costs, exceeds $1,000. The amount is recorded by journal entry.
b) Marine Institute and Grenfell campus distribution of net proceeds is under the authority of the campus Vice-President.
2. Certified cheques or cash are required for external sales.
3. If the disposal is for a Surplus Asset purchased with research grants or contract funding, any applicable guidelines for distribution of proceeds must be followed.