12.17 University Surplus

(3/17)

Effective March 2017, this policy has been added to reflect prior Board of Regents policy language. 

  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.