Effective March 2017, this policy has been added to reflect prior Board of Regents policy language.
- All University-owned items must be disposed of by University of Iowa Surplus.
- UI Surplus will dispose of the property in one of the following ways:
- Use as a trade-in;
- Transfer to another Regent Institution, state agency, or Iowa government entity;
- Sell to the highest bidder after soliciting three or more bids;
- Auction to the highest bidder;
- Sell internally through UI Surplus sales open to the public;
- Dismantle for parts utilization;
- Dispose of in the best interest of the institution if de minimus residual value.
- Departments receive reimbursement for items selling for more than $300. Sales-related expenses are deducted from the selling price.