Surplus property

Purpose

This policy has been established to protect Lynn University assets and to provide guidelines for the community when considering how to handle surplus property and/or to dispose of owned property. Note that some assets may be leased or on loan by vendors, thus due diligence must be exercised to determine that the asset is the property of Lynn University. All property and equipment (known as fixed assets) purchased with University funds (including unrestricted funds, grants, endowments or gifts), donated, or acquired for University use through other means are the property of Lynn University, and title remains with the University until asset disposal. The following describes the procedures individuals will follow to dispose of any owned property.

Policy

All property and equipment (known as fixed assets) purchased with University funds (including unrestricted funds, grants, endowments or gifts), donated, or acquired for University use through other means are the property of Lynn University, and title remains with the University until asset disposal. University surplus property may not be sold, traded, salvaged, scrapped, donated, or otherwise disposed of without prior approval from the appropriate department head and the Vice President of Business and Finance and/or designee. This policy describes the procedures individuals should follow to dispose of any owned property.

Computers and Electronic Equipment

All Computers, computer-related items, and electronic devices owned by the University (such as cell phones and iPad’s) will be declared surplus by the Chief Information Officer (CIO) and/or designee. When appropriate, the CIO and/or designee will consult with the Vice President of Business and Finance and/or designee regarding whether to permit certain items to transfer internally.

Employees leaving Lynn University must return iPads, cell phones, laptops or any other equipment given to them by the University for work related duties per the Equipment Policy and Procedure. University Staff/Faculty may purchase an individually assigned surplus cell phone or device as available at the price indicated on the Lynn University eMarket web site @ myLynn, listed under browse catalog.


Disposal and donation policies will generally apply to computers and electronic equipment. The Office of Information Technology will work with the Procurement department to determine the best disposal method. Before disposal, the Information Technology department will ensure all hard drives retaining data have been removed and destroyed and any remaining Lynn University data has been purged from the equipment and is not retrievable.

Definitions

Surplus Property: Surplus property is property that is either no longer used or for which no further use is planned. It includes all tangible assets, such as equipment, furniture, and other movable fixed assets.

Procedures/Guidelines

Methods of Disposal:
Effective asset management encourages recycling within the University community to control costs. When a department head seeks to declare property as surplus, the department head should first contact the Vice President of Business and Finance, or designee, for advice and a determination of proper disposal procedures. Disposal of the property should be at the lowest possible cost to the University. The following methods may be considered for the disposal of surplus property:

  1. Internal Transfer: Reasonable efforts should be made to re-purpose surplus items. This will be done first by consulting with the various campus offices on anticipated campus needs. Thereafter, and before initiating an alternative disposal method, the department head seeking to dispose of the property must send a brief description to the Procurement department so that communication to all departments can be made to determine if other departments may have a use for the property. For any property tagged as inventory, the Office of Business and Finance should be given notice of the property transfer to another department.
  2. Trade or Exchange: If the item appears to have value in the market, an effort should be made to see if the property can be traded or exchanged with University vendors or suppliers for either other property or a credit against future purchases. All such arrangements will be initiated by the department head in consultation with and documented by the Procurement department. Exceptions include trades or exchanges conducted in the ordinary course of business, e.g., excess Bookstore inventory and library books that may be routinely traded, exchanged, or returned by the respective department head without the involvement of the Procurement or Office of Business and Finance. If other opportunities exist to trade in surplus items to offset the purchase cost of replacements, these should be discussed with the Vice President of Business and Finance and/or designee and properly documented for audit purposes
  3. Sale: If the item is deemed to have some value, it can be listed for sale and sold internally or externally. Items will typically be sold on a first-come, first-served basis at a price set by Procurement and approved by the Vice President of Business and Finance, open for best offer at a price, sold by competitive bid, sold on consignment, or sold through other methods deemed appropriate. This may include internal sales limited to the Lynn University community, advertised to all simultaneously, and sold as indicated above. The host department in conjunction with the Procurement department will advertise for any sales and handle offers. The Office of Business and Finance will manage the proceeds.
  4. Items will be sold “as is” for pickup. If the item is sold, all sales will be on an "as is" and "where is" basis, with no warranties of any kind, express or implied, attached to the item. Lynn University will not offer written or verbal assurances regarding asset market value, condition, utility, age, expected life, or defects. All sales are final with no returns or refunds allowed. All proceeds from sales of any item will be deposited in a general institutional income account as determined by the Vice President of Business and Finance and/or designee. Funds will not revert to the department from which the items were declared excess.
  5. Donation: Items that cannot be reused internally or sold may be donated to not- for-profit organizations approved by the Vice President of Business and Finance and/or designee. Donations require a written recommendation from the appropriate department head to the Vice President of Business and Finance and/or designee for approval. Donations to for-profit entities are not permitted. Items may be donated if they are not sold after at least one attempt, or where the donation may result in intangible (i.e., goodwill) benefits to Lynn University. The beneficiary of the donation will be required to sign a hold harmless agreement with the acceptance of goods which must be signed on behalf of Lynn University by either the Vice President for Business and Finance or the Senior Vice President of Administration and Development. The department and the Office of Business and Finance will maintain a record of the donation, including a description of the donated property and an estimate of the fair market value. Appropriate not for profit entities eligible for donation include local schools, local community organizations, church and religious based non-profit organizations and social service organizations such as the Salvation Army, Faith Farm, Slomin Family Center, Aid to Victims of Domestic Abuse Inc., Habitat for Humanity or other like organizations.
  6. Disposal as Waste: Items that cannot be sold or donated will be discarded through the University’s normal waste removal process after proper approval is obtained from the Vice President of Business and Finance and/or designee. Once the disposal request is approved, title and ownership is relinquished and the item(s) can be properly and legally discarded. Due to a variety of issues that can result from removing property that has been designated for disposal, no unauthorized member of the Lynn community should remove items from trash bins or receptacles.
  7. Disposal of Hazardous Substances: Surplus hazardous substances (chemical, biological, etc.) should be disposed of using appropriate methods of disposal. Environmental Health and Safety Policies and Procedures, including proper methods of disposal of hazardous substances,

For more information on this policy, please contact Procurement.

Policy updated on: Oct. 24, 2018