11.11 Disposal of Surplus Property, Michigan Technological University Board of Control Bylaws and Policies

Chapter 11.
Finance and Document Execution Authority

Effective Date: 09/01/2010

Surplus equipment and materials may be disposed of to the highest bidder, subject to the following:

Items valued at $50,000 or less, in aggregate may be offered, subject only to subsequent reporting to the Board.
Disposal of items valued in excess of $50,000 in aggregate requires prior Board of Control approval.
Items may be disposed of to a governmental agency or other educational institution at fair market value prior to offering on a bid basis with the approval of the Treasurer.

Those items which are surplus, obsolete or unusable, if such items clearly have insufficient value to warrant an effort to dispose of them on a bid basis, may be sold as scrap or junk at a price believed in good faith by the Manager of Purchasing to be the reasonable market value thereof, or if not salable may be discarded in the most economical manner feasible. Disposal of all scrapped or junked equipment and materials shall be reported to the Board of Control subsequent to its disposal.
The Manager of Purchasing, or its designee, is authorized to sell, on first come-first served basis, surplus equipment and materials which are impractical to dispose of on a bid basis, without prior Board of Control approval, subject only to subsequent reporting to the Board and receipt of a price believed in good faith by the Manager of Purchasing to be the reasonable market value thereof.

History
	08/11/67
	12/12/69
	05/22/81
	01/28/82
	01/27/84	Added item 3
	01/17/86	Revised item 1, increased amount to $30,000
	03/23/90	Director of Purchasing and Office of Services to Director of Business Operations
	09/18/92	Treasurer/Chief Financial Officer
	03/19/93	Manager of Purchasing
	09/24/99	Changed Chief Financial Officer's title to Vice President for Finance and Administration
	03/15/2002	Added "or designee," increased amount to $50,000, changed items 1.c and 3., removed Vice President for Finance and Administration
	07/15/2010	Was previously Policy 13.14. Renumbered and clarified language of Paragraph 2.

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