Click here for the Excess Property Disposal Form (Please use the Internet Explorer Browser to access forms on this page)
WHO OWNS IT?
If property was purchased with departmental funds, a dean, director, or department head may authorize its release for sale by signing the excess property disposal form. There may be restrictions on the sale of items purchased with grant or sponsored funds. Please contact Sponsored Accounting to ensure property purchased with sponsored funds can be sold.
COMPLETE AN EXCESS PROPERTY DISPOSAL FORM
Return the signed excess property disposal form to Materials Distribution via email at firstname.lastname@example.org. Photocopy one for your records, and send the original as a packing list if transporting goods to the warehouse.
- A signed excess property disposal form should accompany each shipment to the warehouse.
- If Physical Plant is transporting your item(s), personnel will request this form from the department.
- Write the excess property disposal form number (your department number-date, e.g, 31005-05/09/2018) on a tag or self-adhesive label and attach it to each item being shipped to the Hawkins Building.
- Smaller items can be placed in a box and marked with the Excess Property Disposal Form number.
SELLING DIRECTLY FROM YOUR DEPARTMENT
University Property is sometimes sold directly from a department location without shipping the property to Excess Property at the Hawkins Building.
- Contact Materials Distribution via email at email@example.com to determine pricing and payment requirements.
- An Excess Property Disposal Form must be completed.
- Payment must be processed through Materials Distribution.
Transactions involving the sale or transfer of University property directly from one department to another, and where the property will remain on the premises of Syracuse University, may be arranged directly between the departments without Excess Property’s involvement.
DETERMINE THE SELLING PRICE
Selling prices for Excess Property are based on fair market value. Minimum selling prices may be set by departments; however, actual selling prices, decisions to scrap, and final disposition of excess University property are determined by Materials Distribution.
DONATING UNIVERSITY PROPERTY
Occasionally, donation of University Property will be authorized. Most often, to avoid the perception of favoritism and unfairness, it is preferred that donations be made by individuals and not the University.
To initiate this process:
- Obtain an Excess Property Disposal Form and provide information regarding the organization to receive the proposed donation.
- Donations must be approved by the CFAS Director of Administration, Budget, and Finance (email form to Debbie Skeele at firstname.lastname@example.org) and will be coordinated through the Center for Public and Community Service.
SECURING A CREDIT
The chartstring listed on the disposal form will receive funds from sale proceeds. The full selling price is released for internal (ID) sales, and 95% of outside (cash) sales. Accounts are reconciled quarterly by the department of Financial Analysis in the Comptroller’s Office. For questions about additional released budget funds or reports contact Ext. 5372. Please note that excess property sales may no longer be deposited to an expense account (i.e., accounts beginning with ’56’). All excess property sales must be accounted for as revenue for the selling department. Please use one of the following revenue accounts to record the sales income:
- 480057, Other-Excess Property Income (cash or check sale and the selling department is not an auxiliary department)
- 470057, Auxiliaries-Excess Property (cash or check sale and the selling department is an auxiliary department)
- 800057, Internal Income-Excess Property (ID sale, note: buying department should use an appropriate expense account)
TRANSPORTATION AND WAREHOUSE HOURS
Transportation of excess property to or from the warehouse can be arranged by contacting Physical Plant. Departments arranging for pick up of purchased excess property from the warehouse should provide Physical Plant movers with the name and phone number of a person who can answer questions.
Please contact Materials Distribution via email at email@example.com to schedule time at Excess Property.