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I. Overview

The purpose of this procedure is to ensure the recording, reconciliation and accountability of all auctions and recycling performed by the university to dispose of tangible personal property certified as surplus is in compliance with .

II. Procedures for Disposal of Surplus Property – Auction

1. The Department must complete the Online Property Survey form for assets they deem to be surplus. The university decal number, serial number, manufacturer and model, condition of property and location must be clearly stated on the form. The Online Property Survey form can be accessed by logging into myWings portal under Banner Finance Self-Service.
2. After approval by the Property Office of the surplus condition, all surplus property will be placed in a secured storage area for future sale by the Property Office through the auction process.
3. Surplus property auctions will be handled and managed by the University’s Property Manager or designee.
4. Surplus property shall not be sold without prior authorization and certification by the Property Manager. Any employee or agent who disposes of surplus property in violation of this rule shall be personally liable to the University for the fair market value of any such property.

III. Procedures for Disposal of Surplus Property - Recycle

1. The Department must complete the Online Property Survey form for assets they deem to be surplus. The university decal number, serial number, manufacturer and model, condition of property and location must be clearly stated in the form. The Online Property Survey form can be accessed by logging into my Wings portal under Finance Self-Service.
2. After approval by the Property Office, all surplus will be moved to a secure storage area and placed in Gaylord containers, provided by Recycling E-Scrap.
3. Once storage is full, the Property Manager will contact Recycling E-Scrap to schedule a pickup.
4. Upon pickup, detailed documentation showing the number and types of recycle assets is given to the Property Manager.
5. Within 14 days after pickup, a certificate of destruction with an attached pickup report is emailed to the Property Manager for review. Within 45 days, payment is made to the University.
6. Any discrepancies are handled prior to payment.

IV. Procedure for Payment and Transfer of Ownership

1. 1. Sealed Bid - When property is disposed of by sealed bid a “Notice of Award” is sent to the successful bidder following the date and time of the bid opening. The bidder shall have 48 hours after the 72 hour posting requirement of the award has been met (unless other arrangements have been made) to make payment and remove the property from the location where it is being stored. Instructions regarding payment and pickup will be included in the “Notice of Award”.
   2. Auction
      1. If property is sold through an auction, payment is made at the time of sale to Gov Deals.
      2. The transfer of ownership of property is done at time of payment, and bill of sale is signed by the winning bidder.
      3. Proceeds received from the sale of property thru an auction/ sealed bid is recorded to the following Index/ Fund/ Org/ Program with account code:
       

              Index =325210 Fund=325210 Org=200500 Account=579001 Program=77
              Note: Auxiliary departments receive 50% of the proceeds on the sale of their property.
             Auxiliary oversight committee upon request may disburse funds to respective departments.

1. 1. Disclaimer
      1. The successful bidder shall take all property in “as-is, where-is” condition without warranty of title or condition.
      2. Failure to remove the property within the time allotted shall void the sale after which the university may dispose of the property by any means provided in this rule.
      3. The university reserves the right to remove any property listed as surplus and offered for sale through auction or sealed bid from the public sale at any time.
      4. The university may auction surplus property in lots or as single items.
      5. Surplus property slated for disposal shall not be given to faculty, staff or student(s) for personal use. See  for disposition of state-owned tangible personal property.
       
   2. Recycle
      1. If property is recycled through our authorized recycle vendor, payment is made within 45 days from the day the surplus property is removed from university premises. The amount of proceeds due to the university is based on the current market value of metal and condition of technology assets.
      2. The transfer of ownership is done at the time of payment.
      3. Proceeds from recycling is recorded to the following Index/Fund/Org/Program with account code:
       

Index=325210 Fund=325210 Org=200500 Account=579002 Program=77
Note: No auxiliaries will receive monies from recycling.