Sale of Surplus or Obsolete Property
Finance & Operations
Over time College owned property such as furniture, technology and classroom equipment can become obsolete but may still have some value in the marketplace. All property, with the exception of purchases made with Federal funds and some purchases linked to grants, belongs to the College and not to any individuals or departments. It is our responsibility when disposing of this property to ensure we have a process that will allow the College to recover as much of the fair value as possible.
In the case of property purchased with Federal funds, the property belongs to the Federal government for a period of seven years after the completion of the grant/contract. After this time period, the property may be disposed of by following this procedure.
II. Detailed Procedures:
The following will provide a framework for the sale of obsolete College property:
1. All proposed sales of College property must be approved before the fact by the appropriate Vice President. If reasonable, the approximate date of purchase and funding source should be researched; and evidence must be provided indicating that the College will be receiving fair value for the property.
2. If it is determined by the Vice President that the property may be able to be used elsewhere on campus, individual departments will be given an opportunity to have the property transferred. In those cases where the property has been deemed obsolete there will be no ongoing maintenance or support of the transferred property.
3. Once it is determined the property has no use on campus, employees will be given an opportunity to purchase the property. The Vice President for Finance and Operations or his/her designee, in consultation with the selling department, will determine the fair market value and the best process for sale of the property. Examples of selling processes include closed bids, open bids, or auctions.
4. If the property is unable to be sold to employees at a fair market value the property may be made available for a public sale. The Vice President for Finance and Operations or his/her designee, in consultation with the selling department, will determine the best process for a public sale.
5. If the property remains unsold after this final step, final disposition of the property will be determined by the Vice President for Finance and Operations or his/her designee.
III. Additional Information
Funds generated by the sale of obsolete property will be placed in the general fund of the College.
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