Sale of Abandoned Property
Statutory Source: 20.901. (1)
Abandoned Property: Property abandoned and unclaimed after 60 days.
Necessary Expense: All direct and indirect expenses incurred in the acquisition, transport, handling, storage, administration and sale of abandoned property.
Sales: Abandoned property may be disposed of in a public or private sale. Necessary expenses may be deducted from the proceed of those sales. These items need not be sold as surplus property as of this date (12/1/90)
- Sales process are to be handled through fund 128 in an account called Abandoned Property under the supervision of the Procurement Director.
- Abandoned property will be classified as such by Campus Police as part of their supervision of the campus "lost & found" function. Such items will be tagged to indicate the date the item was found abandoned, after which, if unclaimed for 60 days, the property becomes eligible for sale.
- Campus Police will deliver abandoned property to the Procurement Services loading dock. Abandoned items of small sizes and/or of large estimated value, will be accumulated at Campus Police headquarters for weekly pick-up by Procurement Services. Items of large estimated value should be receipted when possession is changed.
- Sales of this property shall be the Procurement Director's responsibility and shall comply with the most current state directives.
- Necessary expenses shall be compiled on a fiscal year basis by the Procurement Director and the Police Chief. The basis used to establish these expense amounts should be documented and retained. (Documented means to commit to writing and does not imply that complex computations supportive of high degrees of exactitude are required to substantiate the estimates.)
- The estimated total Necessary Expense is to be transferred to the Abandoned Property account, preferably after each sale.
- Campus Police will receive $200 per fiscal year to defray part of their costs of acquisition, tagging and transport. In addition, the proceeds from the sale of individual items which exceed $200, will be shared equally by Campus Police and Procurement Services.
- If a point is reached where sales proceeds exceed all estimated Necessary Expense, a review of those estimates will be made to assure that all appropriate expenses are accounted for prior to depositing excess proceeds into the state School Fund.
- If Necessary Expenses are not completely covered in a given fiscal year, they should be brought forward to the following fiscal year and added to that year's total estimated Necessary Expense. See item (5) and the Necessary Expense worksheet.