Policy Retaining Funds from Sale of Surplus Property Items

policy retaining funds sale surplus property items modified Thu May 25 2023 11:39:12 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.

REASON FOR POLICY

Compliance with KRS for University Surplus Property and Disposal.

POLICY STATEMENT

A University department may sell surplus/excess equipment and retain the funds at the department level, in one of two ways. It can be done through a sealed bid process conducted by Procurement Services or auctioned on GovDeals.com conducted by Inventory Control.

ADMINISTRATIVE AUTHORITY

Vice President for Finance and Chief Financial Officer

RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION

Sally Molsberger - Chief Procurement Officer
Procurement Services - Service Complex
University of Louisville, Louisville, KY 40292
502-852-8223
purchase@louisville.edu 

HISTORY

Original Date: Unknown
Revision Date(s): May 22, 2023
Reviewed Date(s): February 14, 2020; February 21, 2023

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.