G-31-8.4.1 Proceeds Received from the Sale of Surplus Property

Revised: 5/10/2024

The proceeds received from the sale of goods and/or services belong to the College as a whole and not specifically to a particular area or Department of the College. All sales of surplus College property with a value greater than $5,000 must be approved in advance by the Vice President of Finance and Operations. All sales of surplus College property with a value less than $5,000 must be approved in advance by the Director of Contracts and Risk Management. As a general rule, all such proceeds shall be receipted into miscellaneous income in the General Fund. The following exceptions allow for the receipt of funds from the sale of surplus property into an enterprise or auxiliary fund of the College:

1. Sale of equipment used in operation of the motor pool, bookstore, cafeteria or residential hall.
2. Sale of parts and services associated with the automotive program's repair activities.
3. Sale of surplus library books.
4. Other activities specifically approved by the President.

The provisions of this section do not apply to the sale of educational or training services.