Disposal of Surplus Assets
Operations and General Administration
Associate Vice-President, Facilities Management
Authorization: Board of Governors
Approval Date: Oct 1, 1984
Amended: Mar 30, 2001
To ensure that University assets are sold or transferred in a fair, accountable and efficient manner maximizing returns to the University and recycling and reusing equipment in a sustainable manner.
S.E.R.F. (Surplus Equipment Recycling Facility), Facilities Management Division, Materials Management Section, will be solely responsible for the processing, recording, accounting and handling of disbursements of University surplus assets.
Any persons wishing to purchase University surplus assets must do so in accordance with S.E.R.F. public sales or the tendering process. Proceeds from the disposal of assets will be split between the originating department and S.E.R.F. Disposal Fund and deposited to the current designated accounts.
Departments CANNOT dispose of ANY asset independent of S.E.R.F., except by written approval of the Vice-President (Finance and Resources).
S.E.R.F. will, by consultation and investigation, determine the current market value of the declared asset. Departments have the opportunity of expressing an opinion as to the value of such items.
S.E.R.F. will provide a receipt as proof of purchase to remove any asset from the University.
When an item(s) becomes surplus to a department's requirements, the originating department will complete the "Declaration and Disposal of Surplus Assets" form FAD 8-53.1. The form must be approved by the Dean or Department Head.
The department will then contact S.E.R.F. to initiate the disposal process. S.E.R.F. will undertake the necessary inspections to determine resale and arrange for removal of the item(s) and the subsequent disposal.
Detailed procedures involving the disposal process are available from S.E.R.F., Facilities Management Division, Materials Management Section.
The Vice-President (Finance & Resources) or designate must approve any exceptions to this policy.
There are no other documents associated with this policy.
Contact Person: Manager, Logistics Management