Surplus Asset Disposal (Policy)

Surplus Asset Disposal (Policy)

Topic: Financial and Operations
Approval Authority: Board of Governors
Approval Date: February 27, 2024
Effective Date: June 25, 2007

1. Purpose

This Policy authorizes the University to dispose of non-real estate assets which are declared surplus. It has an associated Procedure outlining the steps to dispose of the asset emphasizing cost-recovery and waste reduction.

2. Scope and Application

This Policy applies to all University assets except for real estate or other interests in land.

3. Definitions

For the purposes of this Policy:

Surplus Asset means any asset owned by the University other than real estate that is no longer of use to a university department, Faculty, or other operating unit.

4. Policy and Guidelines

A University asset which is declared to be a Surplus Asset may be disposed of by the University in accordance with guidelines and procedures for its disposition promulgated from time to time by the Vice-President Finance and Administration.

5. Roles and Responsibilities

The Vice-President Finance and Administration will be responsible for the implementation of this policy and has the authority to develop procedures to that effect.

6. Review

This policy will be reviewed every 5 years at a minimum. During the review, the policy will remain in full force and effect.

Legislative History: Approved by Board of Governors 2007/06/25 (replaced Policy on Disposal of Surplus Furnishings and Equipment approved 1996/05/06).  Revised and approved by the Board of Governors 2024/02/27
Date of Next Review: March 1, 2029
Related Policies, Procedures and Guidelines: