Surplus Property
PHILOSOPHY
The foundation of our surplus property philosophy at UMaine starts with
a simple concept: To get the best return. The "best return" is not
always the same as the highest price. We pay strict attention to the
cost of storing, handling, advertising, employee time and selling of
surplus property. We see no advantage in spending $1,000 to sell an item
for $500. With this in mind, we strive for a very low overhead. We have
no warehouse, no truck and no employees except for about 50% of the
Property Control Officer’s time. Selling surplus property is a
cooperative effort between the Property Officer and the selling
department.
Many universities put surplus items out
to formal bid or auction and store equipment for long periods of time.
We aim to relocate or remove surplus equipment in the fastest, most
efficient, fair and ethical manner possible, and do it in a way that
will best serve the interests of the students, who are our reason for
being, and the taxpayers, who support us.
When selling between departments we are
working for both sides at once. At times our role is one of mediator.
The main concern is to keep the item on campus, if possible, because it
prevents the buyer from having to buy new and allows the seller to
recover some value for idle equipment. The goal is to work out a deal
that is fair to both parties. The selling department can be as generous
as it wants, but it still has a right to recover some value from the
equipment it owns.
When selling outside the University,
price is of far more concern. We want to get as much value for the least
expense as possible. However, even here, being overly aggressive may not
be appropriate. We must deal with all prospective buyers honestly and
ethically, and every effort should be made to ensure they know exactly
what they are buying.
PROCEDURE
1) Departments notify the Property
Officer when they have surplus equipment.
2) First we determine value. If there
is no value, the department is usually told to call the Sustainability
Office for recycling or disposal (581-3300 Ext. 2).
3) When there is value, we decide
whether it should be restricted to departments only. Then we determine
the price, method of selling and how it will be advertised. (If the
value is over $5000 and the item was purchased with federal funding, the
property is disposed of following the guidelines of OMB Circular A110.)
4) The Property Officer chooses a
selling method and filters calls from prospective buyers.
5) The selling department keeps
possession of the equipment and shows it to prospective buyers who have
been referred to them by the Property Officer.
6) When a sale is made it is highly
recommended, though not mandatory, that the payment be made by check.
7) The buyer pays the selling
department directly.
8) The selling department deposits the
entire amount into their account via a Schedule of Collections. No fees
are paid to the Purchasing Department.
9) The selling department makes a
photocopy of the check and the Schedule of Collections and sends it to
the Property Officer as a record of the transaction.
10) The buyer, whether department,
individual, company or charity is responsible for moving the equipment,
including any cost.
FREQUENTLY ASKED QUESTIONS
