(3/17; amended 8/24/22)
Effective August 24, 2022, this policy has been revised. For the most current version without redlining, return to V-12.17.
- 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:
- Allow department to 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;
- Negotiate a direct sale to an outside entity when in the best interest of the institution;
- Dismantle for parts utilization;
- Recycle or dispose of in the best interest of the institution if de minimis residual value.
- Departments receive reimbursement for items selling for more than $300. Sales-related expenses are deducted from the selling price.