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II.E. Disposal of District Property 

1. Items no longer useful or needed can be disposed of in any of the following ways:
   
1. Sale
2. Trade
3. Salvage (to external organization if components are not useful in other college programs)
   
4. Discard (if no market value or salvage potential exists)
   
   
2. All computers (laptops, workstations, and servers), smart phones, and portable storage devices such as external hard drives and flash media used to store college operational or confidential data, regardless of their value, must be wiped according to Information Technology standards and disposed of through the Information Technology Department.
   
   
3. All other items with an estimated fair market value (FMV) of greater than $200 must adhere to the following procedures (these processes are optional for items with a FMV of less than $200):
   
1. Complete Property Disposal Form
   
2. Facilities determines FMV.
3. Facilities obtains WTCS President approval if FMV > $25,000.
4. Facilities disposes of property (taking into account program guidelines, if applicable).
   
5. Financial Services applies funds accordingly.
   


4. The Facilities and Operations Department, with input from other involved individuals as appropriate, determines the fair market value of items for disposal. If the FMV of an item to be disposed of is $25,000 or more, the college must obtain disposition approval from the Wisconsin Technical College System President prior to disposition. This state approval requirement also applies to trade-ins. The Facilities and Operations Department obtains the approval.
   
   
5. Disposal of items acquired through various federal and state programs, such as surplus property and grant funding, shall be in strict accordance with the guidelines of those programs or grants.
   
   
6. Payments must be received before any item is released to a buyer. Proceeds under $500 may  be deposited into an enterprise fund (5xx). Any proceeds less than $2,000 will be deposited into a revenue account in the Equipment Sale Fund (583). If the amount is $2,000 or greater, the seller may designate a specific chartfield string to which the proceeds will be applied. Sale proceeds cannot be deposited in accounts at the FVTC Foundation.
   
   
7. These procedures are established and maintained jointly by the Vice President of Administrative Services and the Chief Financial Officer. Records of disposal shall be maintained for all disposals valued above the $200 threshold.

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   Sarah Bingham

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   Last Modified:
   8/7/2012 10:48:56 AM