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Procurement Services - Disposition of University Property


Policy

Subject Area: Procurement Services
Policy Title: Disposition of University Property
Policy / Procedure No: PUR008
Responsible Office: Procurement Services

PURPOSE: To establish guidelines for the disposition of property owned by the University.

DEFINITIONS: University Property: Any material purchased with University funds and owned by the University.

Disposition of University Property: The University no longer has legal ownership of property that was purchased with University funds. Terminating ownership may occur in the following ways:

  • sale or gift to a University employee or student
  • sale or gift to a third party
  • charitable donation
SCOPE: Applies to all Northeastern University employees.

POLICY: The following two documents must be executed as a condition of disposing of University property:

  • Asset Disposition Form (provided and executed by Accounting)
  • Bill of Sale (prepared and executed byProcurement Services)