Inventory Policies

Missing Property

Property that cannot be located must be accounted for by the department. There are several ways to account for missing property:

Tag Memos

Newly purchased departmental equipment in excess of $5,000 must be tagged with a UNL identification number.  The Inventory Department will assign this ID tag number and mail it along with a memo (example) to the departmental Property Manager requesting the tag be placed on the new equipment. 

Surplus Property Disposal

Pursuant to University of Nebraska Board of Regents Policy, RP-6.2.2, Disposal of Personal Property, the following are alternatives for disposal of surplus property and document the administrative procedures for UNL.

Definition

Surplus Property is defined as usable or unusable property, which has been declared excess/surplus to the needs of an administrative unit/department of the University.

Methods of Disposal:

    Equipment Purchased with Federal Funds

    Guidelines for Equipment Purchased with Federal or Federal-Pass-Thru Funds

    The Federal definition of equipment is: tangible personal property (including information technology systems) having a useful life of more than one year and a per-unit acquisition cost which equals or exceeds the lesser of the capitalization level established by the non-Federal entity for financial statement purposes, or $5,000.   UNL’s policy is to capitalize items at $5,000.

    Return to Inventory Department

    Departments may return excess personal property to the Inventory Department by completing a Request for Pickup - Surplus/Excess Property form and forwarding it to Moving Services. Moving Services will pickup the item(s) at the departmental location and deliver to the Inventory Department Warehouse. There are no fees or charges to the returning department for these pickup services.

    Returned excess/surplus property then becomes available to University Departments at the weekly "open houses" provided by the Inventory Department. 

    Trade-In

    When equipment is traded in to the supplier, departments should make note of this on the purchase requisition or purchase order and include the UNL property tag number and/or serial number of the items being traded in. Make sure this is noted on the body of the purchase requisition/order.  Trade ins are allowed for equipment only, and are not to be used for future services or credits.

    Sale to General Public

    All excess/surplus property must be offered to University Departments prior to public offering.  Items cannot be sold to the public for less than the asking price previously offered to departments.  Individuals may only purchase University excess/surplus property in a publicly competitive environment.

    Scrap or Salvage

    No department/individual is allowed to remove or haul scrap metal (including valuable metals such as copper, brass, stainless steel, aluminum, iron, etc.) off campus to any recycler without “prior notification to” and “authorization from” the UNL Inventory Surplus & Asset Management Department. 

    It is the responsibility of the department/individual to send an email to UNL Inventory that includes the following information:

    Disposal of Agricultural Products

    If time, stock or product warrant, the preferred method is to advertise the product to both State of Nebraska and University of Nebraska departments as excess to the needs of the individual department. If there is no interest as a result of this notice, the next preferred method is to initiate competition for the sale of the product utilizing sealed bid, auction, public sale or exchange for other product.

    Sale of agricultural grain and feed products

    All efforts shall be made to establish a local area market price (i.e. a local or area elevator for grains, region market for hay or straw). If there are competitive elevators or local individuals that might be interested, a request should be made to obtain a bid from these sources also. The highest price offered (elevator or individual), weighing in potential expenses related to delivery and research data collection needs, should be determined in making the final award.

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