Procurement Services is responsible for the coordination of disposition of surplus property.
Dartmouth College Equipment/Asset Transfer Request Form must be completed whenever Dartmouth College equipment or other assets will be sold or otherwise transferred out of Dartmouth. If equipment/assets have a value over $5,000 or for which money will be received, the transaction must be processed through the Office of Procurement Services. A Bill of Sale will then be issued to the buyer/transferee to complete the sale/transfer as a legal mechanism for cost recovery and/or for items with zero cost transfer (Transferred, Gifted or Donated).
Materials.Management@Dartmouth.edu must be notified of any College property which is to be sold (including property transferred using interdepartmental transfer of funds), traded in, salvaged, donated, or scrapped, except as provided for below. Procurement Services will not handle hazardous waste and real estate that fall under the purview of Environmental Health & Safety and the College Real Estate Office, respectively.
College property is defined as any item, whether or not it is an operable or complete unit, which was purchased by the College - with gift, grant, contract, or restricted general fund money — or donated to the College. Title is vested in the College unless there are specific provisions reserving rights for another party, which frequently occurs when property is purchased, in all or in part, with federal funds.
When this is the case, dispositions must be managed in accordance with applicable College and federal policies. Procurement Services and the Office of Sponsored Projects will assist in clarifying such restrictions and make a determination to whether title passes exclusively to the College at some point.
If no monetary transaction is involved, then departments are free to transfer to other departments at will. However, the Fixed Asset System must be updated to indicate the new location of the equipment. If the item remains within the College and no federal funds were involved in the procurement, Procurement Services does not need to be involved except as required to maintain the Fixed Asset System.
The effective management of surplus property limits liability and disposal costs while providing a sizable source of income for Dartmouth. All property must be disposed in accordance with Federal regulatory requirements. Valuable space becomes available when surplus is not allowed to simply accumulate; it should be managed as inventory with retention decisions based upon need, replacement cost and opportunity for reuse.
Although the primary objective is to facilitate reuse of excess property through internal transfers, an equally important objective is to obtain the maximum proceeds for the sale of surplus property.