12.17 University Surplus

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