THE UNIVERSITY OF TENNESSEE AT MARTIN Statement 05
CAMPUS FISCAL PROCEDURE STATEMENT Section 055
Subject: General Disposition Policy EFFECTIVE: 07/01/88 REVISED: 12/01/00
- General Policy: Fiscal Policy Statement 050:055:01-A relating to general policies is self-explanatory. Any questions should be directed to the Office of Purchasing.
- Notification of Surplus Property: Any department declaring University property in its custody as surplus should complete the Surplus Form listing all items being surplused (both tagged and untagged). The form must be signed by the current custodial department, dated, and sent to the Office of Purchasing. Purchasing personnel will verify the surplused items and determine the appropriate disposition method. If the items are to be sold at public auction, the Office of Purchasing will arrange for moving the items to the surplus storage area at the University warehouse. Once the items are received, the Office of Purchasing will sign and return the form to the department. Departments should retain the signed copy in their files for a period of six years and reconcile the information to the Equipment Change Report subsequently received.
- Classification of Property: Fiscal Policy Statement 050:055:01-C relating to classification of property is self-explanatory. Any questions should be directed to the Office of Purchasing.
- Transfer to Other University Departments: Departments desiring to dispose of equipment that could feasibly be used elsewhere on campus should send a notice to all departments indicating the availability of equipment. If property on the official inventory records is to be transferred, the current custodial department should complete form T-64 in triplicate. One copy should be sent to the receiving department along with the equipment. The second copy should be sent to the Office of Purchasing. If computer equipment is being transferred via computer rotation and the new location cannot be determined, note on the form "computer rotation" and forward the copy to the Office of Purchasing. The third copy should be retained in the custodial department's files and reconciled to the Equipment Change Report subsequently received. The receiving department should sign as the receiving department after verifying the tag number and other information on the form. One copy of the signed copy should be retained in the receiving department's files and reconciled to the Equipment Change Report. The original form should be sent to the Office of Purchasing.
- Other Disposition Methods: Current UT procedures allow three (3) methods for disposition of surplus movable equipment:
- Trade-in on new equipment
- Transfer to another university department or state agency
- Sell via a sealed bid sale or at a public auction
If the equipment is traded for new equipment, a T64 should be completed and forwarded to the Office of Purchasing for processing. A copy should be retained in the departmental file and reconciled to the Equipment Change Report.
Procedures for transfers to other departments are shown in Item D above.
If a sealed bid sale is determined to be the best method of disposal, the department will be notified of the results and how to release the equipment.
Procedures for sale of property at public auction are shown in Section B above.
Fiscal Policy Statement 05:055:01-Sections F, G, H, I, J, K, and L are self-explanatory. Any questions should be directed to the Office of Purchasing.