This policy explains the process involved in the disposal of USNH surplus property. Property acquired through USNH is the property of USNH or a state, federal or other sponsor. A department may not unilaterally dispose of property. Definition of Surplus Property. Surplus property is property which is obsolete, damaged, unusable or in excess of need.
Property includes all tangible assets with the exception of real property.
The disposal of real property is addressed in BOT, Section VI,C.3, Policy on the Disposal of Real Property . Internal controls are necessary to meet the fiduciary responsibilities of the USNH Trustees to protect and properly monitor USNH resources. This policy facilitates the physical removal of surplus property, finds an alternative internal use, reduces the storage burden and maximizes USNH's return on salable items. In addition, timely and proper recording of disposed property is important for maintaining accurate financial reports and safeguarding USNH assets. Campus facilities departments are responsible for removal and transportation of surplus property.