Procedure Surplus Property (Procedure 5.0810)

Purpose:

To define and outline a procedure to dispose of surplus property.

Procedure:

Definitions:

 Property: Equipment, machinery, and furnishings that are statutorily required to be tagged and inventoried by the College.

Property Custodian-the designated College employee who has the primary financial responsibility for the physical custody and use of all College property under their control. The property custodian is also known as the department budget manager.

1. To dispose of College property considered surplus by a particular College department, the property custodian will complete a Property Disposition form and send it to Financial Operations, Asset Management.
2. Financial Operations, Asset Management will examine the property and determine whether or not it is usable. 
   1. Unusable property (e.g. unsafe, damaged, obsolete, or beyond economical repair), will be declared as “surplus” and reported as such at the next regularly scheduled meeting of the Board of Trustees. Financial Operations, Asset Management will prepare a Service Request to have the unusable item immediately set aside pending Board action.
   2. Usable property will be made available to other departments before formal surplus disposition procedures begin. Financial Operations, Asset Management will notify departments of available items. Usable property is obtainable on a first-come, first-served basis.
      1. If a property custodian from another department wants the property; BEFORE THE ITEM IS MOVED, the original custodian and receiving custodian must both complete and sign a Property Disposition form and send it to Financial Operations, Asset Management. The item cannot be moved until the Financial Operations, Asset Management has recorded the transfer and tagged the item with the new location number. If assistance is necessary to move the item, the receiving custodian is responsible for submitting a Service Request to have the item relocated.
      2. If there is no interest in the usable property within 10 business days, the property will be determined to be unusable, declared as “surplus” and disposed of. 

3. The list of surplus property will be periodically submitted to the Board of Trustees. After Board approval, Financial Operations, Asset Management will use the following methods to dispose of surplus property by:
   1. Offer items to other government agencies or not-for-profit 501C3 organizations.
   2.  Contact the College’s surplus agent or auctioneer for disposition of the items per negotiated terms. Financial Operations, Asset Management will oversee the transfer of possession of the surplus property. 
   3. Discard the item.
   4. Trade in the item.