Â̾ÞÈËÊÓƵ

(Note: OLPM sections on this page may be cited following the format of, for example, "BOT VI.C.1.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)

C. Disposal of Property

1. Disposal of Real Property
   1. The Chancellor shall develop and implement prudent procedures for the disposal of real property. Those procedures shall protect the University System's legal and financial interests and provide that all disposal of real property shall be for fair value. Those procedures may provide exceptions to the disposal process for Â̾ÞÈËÊÓƵ property interests less than a fee simple absolute. The Chancellor's office shall review and approve all exceptions to the established process.
   2. The Financial Affairs Committee authorizes the disposal of real property for which an approved use or need has not been established. Authority is delegated to the Chancellor to proceed with the disposal of real property with an estimated current market valueless than the greater of (a) $1,000,000 or (b) 1% of the most recent final audited institutional unrestricted financial resources ("UFR"; previously known as unrestricted net assets, or "UNA"). If the disposal is more than the greater of (a) or (b), the Financial Affairs Committee must approve the disposal.
   3. All real property disposed of by Â̾ÞÈËÊÓƵ, except for certain easements as determined by the Chancellor's office, must be independently appraised. Each sale, transfer, or other disposal of real property shall be individually evaluated by the Chancellor's office to determine the number of, and nature of, appraisals required. All appraisers must be approved by the Chancellor's office.
   4. When the Financial Affairs Committee authorizes the disposal of real property valued in excess of $500,000, the Chancellor publicly advertises the intent to sell, and receives bids from prospective buyers. The Â̾ÞÈËÊÓƵ reserves the right to accept or reject any and all bids for any reason. The Financial Affairs Committee may authorize the disposal of such real property by any other means which, in the Committee's opinion, will maximize the return to the University System (e.g. negotiated sale or auction). Disposal of real property which a qualified professional appraiser values at $500,000 or less may be accomplished without competitive bidding in such manner as the Chancellor may approve.
   5. Prior to the disposition of any real property, the campus president or designee will provide notice to the chief municipal administrative officer (i.e., mayor, city manager, chairperson of a town board of selectmen) of the intended disposition of real property in order that the affected municipalities may have a reasonable opportunity to express an interest in, or pursue acquisition of, said property prior to disposition.
2. Disposal of Equipment, Supplies, and Materials
   1. The Financial Affairs Committee delegates to the Chancellor authority for developing and implementing prudent procedures for the disposal of equipment, supplies, and materials including procedures for determining when such shall be considered surplus. Those procedures shall protect the University System's legal and financial interests and provide that all disposal of equipment, supplies, and materials shall be for fair value (guidelines will set level and conditions under which campus has the authority).