Disposal of College Property
Memorandum #205 Disposal of College Property
January 9, 1997
Original Date of Issue: April 14, 1975
Reissued: 93A - February 5, 1987
The purpose of this policy memorandum is to set forth procedures to be followed in the disposal of physical assets which are deemed to be of no further usefulness to the College.
To facilitate the disposal of College property a panel will be established and consist of:
- Director of Budgets and Financial Services;
- Director of Facilities Operations; and
- Internal Auditor.
In cases where the item being disposed of is under the control of one cost center, this panel with be joined by the budget administrator for that cost center.
The fixed asset disposal panel is charged with the responsibility of:
- Developing and maintaining appropriate procedures for use by all College offices and departments to initiate proper disposal of surplus items;
- In collaboration with fixed asset accountants from the Controller's staff, ensuring the maintenance of appropriate asset control records for all capital items for which disposal is appropriate;
- If deemed appropriate, conducting sales of disposable items;
- Maintaining, inventorying, and notifying staff of those surplus items which might be of use in other College offices/departments;
- Once items have been physically removed from active use, developing operational procedures for appropriate storage and asset safe keeping until the asset disposal process is complete.
- Ensuring that all federal and state environmental safety laws are followed throughout the asset disposal process;
- Obtaining approval of the President for all disposals and Board of Trustees' approval for items with purchase prices in excess of $25,000.
Once property has been identified and approved as appropriate for disposal by the panel, they will dispose of those items in the following order as appropriate:
- Determine if surplus items can be used productively by another area of the college and, if so, reassign asset to new cost center.
- For items which are determined to have no further use within the College, make available to interested parties, including students, staff, and the general public, through an appropriate process (e.g., silent auction);
- Scrap or donate remaining items using, if required, an appropriate disposal vendor.
Date Effective: January 9, 1997