PRM-016: Surplus Property Disposal

Date: 09/01/2015 Status: Final
Policy Type: University
Oversight Executive: Vice President for Finance
Applies To: Academic Division, the Medical Center, and College at Wise.
Reason for Policy:

The University is committed to handling surplus property in a manner that is fiscally responsible and efficient while complying with applicable state and federal regulations. In order to protect University assets, guidelines have been established for the disposal of surplus property.

Definition of Terms in Statement:
  • Abandoned Property:

    All private property left unclaimed that is not owned by the University.

  • General Assets:

    This includes furniture, appliances, vehicles, vessels, fixtures, fittings, collections, and equipment unrelated to information technology.

  • Information Technology–Related Assets:

    Electronic equipment and devices that have previously or currently contain University data.

  • Surplus Property:

    All University General and Information Technology-Related Assets (including Federally-owned) that are moveable from one location to another, including abandoned property, that is unwanted, worn-out, obsolete, excess to the University’s needs, or otherwise unsuitable for intended use.

Policy Statement:

Property and assets that are purchased with University funds or with grant funds, donated to the University, or acquired for the University through any other means, are the property of the University of Virginia and do not belong to specific individuals. The University will dispose of its surplus property in a fiscally responsible manner in accordance with state and federal regulations.

University and Federally-owned property must be sold, disposed of, or transferred in accordance with the established University Surplus Property Procedures (Procedures) and applicable government regulations. The Procedures were developed to protect University assets and provide standards to limit environmental and economic impact. In addition, they promote:

  • utilizing University property efficiently;
  • maximizing the property’s residual value;
  • maintaining financial accountability;
  • reporting accuracy;
  • complying with safety/environmental laws and regulations, and
  • minimizing the risk of exposure to the University.

Specific surplus requirements include:

  • Information Technology (IT)-related assets must be disposed of through the University’s contract vendor.
  • General surplus property may be sold, disposed of, donated or transferred through the appropriate Procedure.

Radioactive or hazardous materials, Equipment Trust Fund assets, University capital equipment (fixed assets), small office equipment, and reusable office supplies must be given special consideration and disposed of as outlined in the Procedures.

  1. Departmental Responsibilities:
    Surplus property should only be sold or discarded using published University Surplus Property Procedures. Not following these Procedures may put the University, faculty, staff, and student population at risk for a large scale data breach. Individuals could be held personally liable.
    1. Grant Funds:
      Departments must certify that surplus property purchased with grant funds are allowed per the terms of the grant to be disposed of through the University Surplus Property Procedures.

    2. Abandoned Property:
      Property that has been abandoned must be held by the departments for 120 days to allow for owners to claim it. After 120 days, abandoned property may be removed from the University using the University Surplus Property Procedures.

  2. Policy Exceptions:
    The University Surplus Property Policy and Procedures do not apply to the following types of University property:

University Surplus Property Procedures.

Related Information:

FIN-034, Maintenance of Equipment Inventory
IRM-004, Electronic Data Removal

IRM-017, Records Management

Information Technology Services
Institutional Data Protections Standards
Transfer of Research Equipment from the School of Medicine to Other Research Institutions

Guidelines for Equipment Trust Fund (ETF)

Fixed Assets Accounting

X.A.1, Maintenance of Equipment Inventory

(Reusable Office Supply Exchange)
Office of Sponsored Programs

Medical Center Equipment

Major Category: Physical Resource Management
Next Scheduled Review: 09/01/2018
Approved by, Date: Policy Review Committee, 09/01/2015
Supersedes (previous policy):
X.F.1, Surplus Property Disposal.