Surplus Sales Policies and Procedures
The Fixed Asset/Purchasing Manager operates Surplus Sales to meet several business and compliance objectives for the Washington and Lee University ("University") in terms of properly disposing, reselling and donating items belonging to the University. Surplus Sales also provides low cost items for sale to students, faculty, staff, and the Lexington community.
These "equipment" surplus policies and procedures will assist the Washington and Lee community in properly selling, donating and disposing of University items and will explain how items can be purchased through University sponsored auctions.
The Fixed Asset/Purchasing Manager facilitates the reselling and proper disposal of used, excess, or obsolete items to which the University has title. Surplus Sales works closely with Facilities Management, Environmental Health and Safety and other units to ensure that items are sold and disposed of in compliance with governmental, sponsored project, and University regulations.
All sale proceeds are directed to the general fund to support the University's overall budget.
The University does not resell private-party items. The department is a resale outlet for University items only. Items that are typically accepted for subsequent sale include, but are not limited to, good-conditioned furniture, machinery, audiovisual equipment, vehicles, lab equipment, foodservice equipment and musical instruments.
Surplus Sales Policies and Procedures
- Departments should notify the Fixed Asset/Purchasing Manager (by e-mail email@example.com with quantity and description of items) of any University property that requires disposal.
- The Fixed Asset/Purchasing Manager will then make arrangements with Facilities Management for item pick up and storage until a sale/auction can be held.
- If the University owned item is non-functioning or undesirable, it may be scrapped at that time.
- The Fixed Asset/Purchasing Manager will update the fixed asset detail based on tag information provided by the department or collected at the time of sale/auction. - University employees do NOT have the right to give away unused or unneeded University property. The Fixed Asset/Purchasing Manager Is responsible for determining whether any University property should be sold, disposed or donated.
Sale Terms and Resale Value Determination
- All sales are final on an "as is" and non-refundable basis at close of the auction.
- At the University's discretion, items that can not be sold at the tagged amount will be discounted by a reasonable amount to facilitate sale.
- The Fixed Asset/Purchasing Manager in cooperation with other departments will attempt to use varied and appropriate pricing methodology such as "market value", "appraised value", "Kelly Blue Book value" or "donated value" in order to maximize resale opportunity.
Auction and Bid Procedures
- The University reserves the right to decide to retain the services of a professional auctioneer or to perform a silent auction its own.
- University departments will have the opportunity to claim any item on the auction floor prior to the opening of the auction. However, the equipment or furniture can not be returned to University storage. - Prices posted at auction are firm and non-negotiable.
- The Fixed Asset/Purchasing Manager reserves the right to reject any offers that do not meet the tagged, printed, or minimum bid-price of respective items. Pricing methods are not open for discussion.
- Sales tax is included in the purchase price (tax is not listed as a separate item as it is rolled up into the total cost).
- Items must be picked up within normal working hours at the final day of the auction/sale.
- The Fixed Asset/Purchasing Manager will attempt to organize three auctions per year if needed (fall, spring and summer). Specific information will be provided ahead of time, internally and externally, in order to maximize attendance.
Methods of Payment
- Cash or checks are accepted at time of auction. Checks are to be made payable to "Washington and Lee University".
- No credit card payments will be accepted.
- The Fixed Asset/Purchasing Manager will provide and retain receipt for auditing purpose.
Loading and Delivering Items
- Facilities Management will be available on a limited basis for loading at the auction site.
- Deliveries will not be available for private sale. Facilities Management shall provide delivery to relocate items to University departments.
- All auctioned items must be removed within two hours from the close of the auction.