Pol-Retaining Funds from Sale of Surplus Property Items

policy retaining funds sale surplus property items modified Fri May 01 2020 13:52:20 GMT-0400 (Eastern Daylight Time)

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University of Louisville

OFFICIAL
UNIVERSITY
ADMINISTRATIVE
POLICY

POLICY NAME

Retaining Funds from Sale of Surplus Property Items

EFFECTIVE DATE

POLICY NUMBER

PUR – 39.00

POLICY APPLICABILITY

This policy applies to University Administrators, Faculty, and Staff

POLICY STATEMENT

A University department may sell surplus/excess equipment and retain the funds at the department level with the permission of the Associate Vice President for Business Services, or his/her designee, through a sealed bid or public auction process conducted by Procurement Services or Inventory Control.  Requests to retain the funds must be submitted in writing to the Associate Vice President for Business Services, or his/her designee, for approval.

REASON FOR POLICY

Compliance with KRS for University Surplus Property & Disposal.

ADMINISTRATIVE AUTHORITY

Vice President for Finance and Chief Financial Officer

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Sally Molsberger, Director – Procurement Services
Service Complex, University of Louisville
Louisville, KY 40292
502-852-8224
purchase@louisville.edu 

HISTORY

Original Date: Unknown
Revision Date(s):
Reviewed Date(s): 2/14/2020

The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.