Policy for Disposal of College Assets

This policy is based on the premise that all property, buildings, and equipment are owned by the college, not the department or individual user.

A. Recording Sale of Assets. In accordance with general accepted accounting principles, all proceeds from the sale of property, plant, and equipment will be recorded as gain (loss) on the sale of assets in the applicable fund of the college.
Expenses of sale and initial cost adjusted for depreciation, if applicable, will be charged as an offset to the gain (loss) on the sale of assets in the applicable fund of the college.

B. Determination of Surplus Property. The determination of surplus property will be handled in the following manner:

  1. Buildings and/or Real Property. The determination of surplus or unneeded buildings and/or real property will be made by the Board of Trustees upon recommendation by the administration.
  2. Vehicles. The determination of surplus or unneeded vehicles will be recommended by the Vice President of Finance and Operations subject to the approval of the President of the College.
  3. Fixtures, Furniture, and Equipment, Etc. The determination of surplus equipment will be made by the President and/or the vice presidents.

C. The administration will take such action as necessary to assure that disposal of college assets nets the maximum return possible.

D. Equipment and supplies purchased with grant funds will not be disposed of without the written authorization of the Vice President of Finance and Operations.

Revision Dates: 05-16-2017, 09-16-1996, 09-21-1992 .

Policy Number: 

500-20

Policy Type: 

Administrative Policy

Adoption Date: 

Monday, January 21, 1991

Review Date: 

Tuesday, June 18, 2019

Revision Date: 

Tuesday, May 16, 2017