The Director of Public Safety and Police Services shall maintain an accounting of all monies, goods, merchandise or other items of value deposited in his or her office as lost or abandoned property found on the campus of Michigan Technological University. At least twice each calendar year the Director shall post a notice of all such property that remains unclaimed. The notice shall provide any owner(s) of such property the right to claim it at reasonable times.

The Director, on receiving satisfactory proof of ownership, shall deliver such property to the owner on payment of all necessary and reasonable expenses which may have been incurred in its recovery, storage and advertising.

The Director shall sell all property, money excepted, unclaimed after expiration of the above notice at public action to the highest bidder through sales procedures established by the Director. The proceeds shall be paid to the University Cashier together with all money which shall remain unclaimed.

If any such property is perishable or expensive to keep, the Director may sell the same at public action at such time and after such notice as the Director deems proper.