October 18, 1974
ADMINISTRATIVE OFFICERS, OFFICE OF THE PRESIDENT
PRINCIPAL OFFICERS OF THE REGENTS
Ladies and Gentlemen:
We have prepared the following policy concerning allocation of proceeds from release of University surplus property, after review of helpful comments from a number of your offices. I believe the implementation of this policy will result in more efficient use of University resources by providing an incentive for University units to release surplus property.
Effective November 1, 1974, Chancellors, Vice Presidents, and Principal Officers of The Regents shall have authority to approve the sale, trade-in, or transfer of surplus University property and allocate the net proceeds to the account of the department releasing the property. University property which is released under this policy should be in excess of current and projected needs of the departments.
Please note that budgetary savings requirements will not be reduced by this policy. Budgetary savings currently generated by the sales of excess material will have to be provided from another source.
I have asked Vice President Perkins to issue appropriate guidelines for implementation of this policy including procedures for recording transactions.
C. O. McCorkle, Jr.