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Are proceeds from a surplus sale returned to the department?

There are three types of surplus sales that can take place at the university:

  • State Surplus Sale
  • NC State Univ. Public Sale
  • NC State Univ. Online Auction

Proceeds from Public Sales of Non-Capitalized Items

The majority goes to the General Fund and a portion goes to Materials Support for handling. Departments do not receive anything back.

Proceeds from the Sale of Capitalized Equipment

Per REG10.05.16 – Equipment Acquisition, Management, Transfer and Loans, the distribution of proceeds from the sale of university-owned equipment is based on the rules for the funding source used to purchase the equipment. ‚ÄčIf the items in question are NOT capitalized assets, the department will get nothing back regardless of fund source.

Monthly, NC State’s Asset Management Team prepares a journal entry distributing the proceeds of surplus sales of equipment using the following criteria:

Purchased with State Budget Funds (Fund Code 16030)

  • 8% is retained by the State of North Carolina
  • 0% is retained by Materials Support
  • 92% goes to the university’s General Fund Project 321900 (not to the department)

Purchased with State Budget Funds (Fund Code 16031/16032)

  • 8% is retained by the State of North Carolina
  • 0% is retained by Materials Support
  • Remaining 92% goes to the department project that was originally used to purchase the item. Ledger-4 projects are coded as specified by the CALS Business Office – 16031 goes to Project 429053, and 16032 goes to Project 469053.

Purchased with Trust Funds (Fund Code 91000)

  • 8% is retained by the State of North Carolina
  • 10% is retained by Materials Support
  • Remaining 82% goes back to the department project that originally funded the purchase. Contracts & Grants Ledger-5 projects go to Project 385752 with the original grant project added to the journal line description so that C&G can determine how the proceeds should be allocated.

To identify the funding source used in the initial equipment purchase, follow the instructions for looking up an asset with the Print an Asset method.

For additional information on the distribution of surplus sales proceeds, please contact the appropriate custodian:

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Updated on January 9, 2024

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