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Sale/Disposal of College Property (Policy)
Office of Origin: Purchasing
Responsibility: Manager, Purchasing & Risk Management
Original Date Adopted: 10-26-93
Dates Reviewed: 08-16-12, 06-29-20
Last Date Modified & Approved: 06-29-20
If an asset is no longer useful or damaged beyond repair, a Sale/Disposal of College Property Form must be completed and approved by the appropriate budget manager. Additional approvals are required based on item value, as follows:
- $1,000 to $49,999 – CFO
- $50,000+ – President
For assets purchased using grant funds, the sale/disposal must be handled in accordance with the grant requirements.
If a donated asset valued at more than $500 is disposed of within 2 years of when received, IRS Form 8282 Donee Information Return must be completed.
If the asset is still usable, a notice may be put on the employee portal to see if it can be used elsewhere. If no interest is shown, it should be sold or disposed of.
Usable assets valued at $500 - $49,999 should be advertised for sale. Bids should be solicited for assets valued at $5,000+. If an asset is too large to store, it may be sold in short order using only local advertising.
The area disposing of the asset will get 25% of the net proceeds if the asset is sold. Proceeds must be spent within the fiscal year sold.
Damaged asset should be recycled if at all possible instead of being thrown away. Usable asset that aren’t sold or used elsewhere in the College should be donated if at all possible instead of being thrown away.
All completed/approved forms must be sent to Purchasing Manager so the fixed asset inventory records can be adjusted.