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  3. How do I surplus an asset?

How do I surplus an asset?

Surplus property is defined as property that has a resale value but is no longer needed by the University department to continue its operation. The University Surplus Property Office will pick up these items and make them available for acquisition by other departments, public agencies or non-profit organizations. Surplus items not acquired by these entities are sold at public surplus sales.

IMPORTANT

Prior to the surplus of any University property, please review REG 07.40.01 – Disposal of University Property to ensure compliance with University policies. Guidelines are available per Uniform Guidance for Property Disposition.

As is required per State Regulations, all assets, capital or non-capital, purchased by a State entity, must be disposed of through the University Surplus Property Office; they cannot simply be thrown away!  Due to the size of our University, the State has authorized and allowed NC State University to create its own internal surplus group to handle these disposals. The NC State Surplus Group is administered by Surplus Property Services, part of Procurement & Business Services.  

The surplus of assets is initiated in the Financial System. When a capital asset is identified for surplus through a Surplus Request, the Asset Management Module will automatically update the asset’s Department ID and physical location when the University Surplus Property Office processes the Surplus Request.

The Asset Management and Surplus Manual outlines step-by-step instructions for this action.

The following video demonstrates the surplus request process:

Updated on March 2, 2020

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