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
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.