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University resources can be more efficiently used if an incentive is provided for departments to release excess property. The Bulletin sets forth the conditions under which Chancellors, Vice Presidents, and the Principal Officers of The Regents may approve the allocation of the net proceeds to departmental accounts when surplus property is sold, traded-in, or transferred. II. SCOPE All University
property assigned to academic and administrative departments is covered
by the President's policy letter dated 1. Real property. 2. Property in the custody of the Treasurer as defined in the By-Laws of The Regents. 3. Property in which the University holds legal title, but in trust for the benefit of others with no University connection. 4. Property held by the Lawrence Berkeley Laboratory, Lawrence Livermore Laboratory, Los Alamos Scientific Laboratory, or the Laboratory of Nuclear Medicine and Radiation Biology at Los Angeles. III. PROCEDURES Receipt of funds from the sale of University property shall be recorded as income. The proceeds may then be appropriated to the department releasing the property. Trade-In: When University property is traded-in, the department releasing the property may be credited with the trade-in allowance. Transfer: When property is permanently transferred from one University department to another, an amount mutually agreeable to the departments involved may be transferred from the department receiving the property to the department releasing the property. In all of the above, the cost of handling and transportation may be deducted from the amount credited to the department. IV. RESTRICTIONS Special procedures are required to sell or trade-in property to which the University holds conditional title. (Conditional title reserves to the transferor the right to revoke transfer of title, to receive the proceeds of any subsequent sale, or to acquire an interest in replacement.) Generally, departments should obtain unrestricted title to property before it is declared excess for disposal. The University is restricted in the use of certain donated property, e.g., equipment that can be used only for health sciences projects. Before such property is transferred, the department desiring the property must show that it has met all requirements. V. RESPONSIBILITIES The Vice President-Administration is responsible for establishing procedures for administering and recording the sale, trade-in, and transfer of University property. Chancellors, Vice Presidents, and the Principal Officers of The Regents are responsible for establishing procedures to ensure property offered for sale, trade-in, or transfer is in excess to the department's current and foreseeable needs.
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