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I.      PURPOSE

To promote financially prudent acquisition, use, storage, reuse and disposition practices for the University's physical assets and to facilitate administration of the Surplus Furniture and Equipment Program to systematically identify, evaluate, classify, store, reuse or dispose of the University's surplus property across all of its campus locations.

The Surplus Furniture and Equipment Management Program will provide the University with the following economic and operational benefits:

1.     removal of surplus physical assets from primary office space, corridors or other
        locations;

2.     provide practical alternatives to the purchase of new assets through better accessibility
        to functionally useful, previously used physical assets;

3.     assure timely retrieval of reusable assets from off-site storage facility;

4.     consistency in asset classification, valuation and inventory control reducing the chance
        of arbitrary or recklessly motivated disposal of assets; and

5.     retention of surplus asset inventory for a period of time for which the benefit of asset
        retention exceeds storage costs.

Under the direction of the Senior Vice President for Administration and Finance, the Vice President for Financial Affairs and Treasurer shall ensure compliance with this policy. The Controller shall implement this policy.

1.     This policy, governing storage, reuse and disposition of the University's surplus
        furniture and equipment, shall apply to all property, whether owned by or in the
        custody of the University.

2.     The University's furniture and equipment may be used only for purposes directly
        related to the teaching, research and service missions of the University. Furniture and
        equipment may not be loaned or removed from the premises of the University without
        notification to the Office of Asset Management.

3.     The Office of Asset Management will serve as the central contact to the University's
        units for storage, reutilization and disposition of surplus or obsolete furniture and
        equipment, and for allocation of revenues and recovery of costs incurred. The Office
        shall monitor the transfer and retrieval of furniture and equipment to and from the
        off-site storage facility and coordinate the disposition of furniture and equipment
        according to program guidelines. The Office will produce and distribute a
        comprehensive Procedures Manual to guide all University units in the consistent
        administration of the program.

4.     Furniture and equipment which is considered surplus or obsolete, or which no longer
        serves the intended purpose shall be reported to the Asset Management Office, who
        will be responsible for appropriate disposition thereof.

5.     The Asset Management Office will review and evaluate the period of time during
        which furniture and equipment has functional, fiscal, and marketable value; the period
        of time furniture and equipment is considered useful and must be transferred to the
        off-site storage facility; and when furniture and equipment is of no further value and can
        be disposed of through salvage or scrap dealers. This office will draft, review and
        recommend changes as required to the asset retention schedule of all surplus furniture
        and equipment.

6.     The Internal Audit Department, as part of its annual program, will randomly select units
        and departments of the University for review to ensure compliance with the
        University's Surplus Furniture and Equipment Management Policy. Internal Audit shall
        make appropriate recommendations to the Senior Vice Presidents and Vice President
        for Financial Affairs and Treasurer.

7.     The cost of surplus furniture and equipment storage, retrieval and disposition functions
        shall be considered a cost of operation of each of the academic, healthcare and
        administrative units. The Fiscal Officers of the schools and units are to ensure that
        appropriate provisions are made for surplus furniture and equipment management
        related costs in the operating budget for their respective school or unit.

8.     The cost of storing items at the outside facility will be billed back to the department
        requesting storage. The present cost of storage will be $1.20 per square foot per
        month. The requester will be expected to pay six (6) months storage cost deposit in
        advance. Unused deposits will be rebated back to the requesting department when the
        item is either sold, transferred back to the requester or disposed. A storage cost has
        been developed for certain standard furniture (See EXHIBIT III). A storage cost for
        items to be stored separate from this list will be developed on a specific case basis.

9.     The Controller will establish an appropriate financial framework to facilitate budgeting,
        capturing, recovering and reporting of cost at the unit and the University levels.

A.    Removal/Disposal of Surplus Furniture and Equipment
 

Performed By:	Action Taken:
Designated Operating Manager of a Unit	1.  Notifies the Asset Management Office of any University property in their area that is considered surplus.  If electrical equipment is involved, the memorandum must state that the equipment is either a) obsolete, working, b) obsolete, not working, c) not working.  Note: If the initial request is by phone call, a memorandum must immediately follow.
Office of Asset Management	2.  Upon receipt of the written request, sends a representative to the location to evaluate the condition of the item(s).
Asset Management Representative	3.  Based upon the evaluation, recommends the best course of action available to the University (i.e. whether to transfer to the University (i.e., whether to transfer to the off-site storage facility or whether to dispose the item through salvage or scrap dealers).
Office of Asset Management	4.  Prepares the Surplus Equipment Transfer Form (which can be obtained from the Asset Management Office) for all items to be moved (removed) and forwards to the requesting department in multiple copies.
Requesting Department	5.  Upon receipt of the Surplus Equipment Transfer Form prepares a work order instructing housekeeping what to move, where to move it, and when to move it.
Housekeeping	6.  Moves the item. Charges the requesting department for the cost of moving, removing, an item to or from any location and the cost for storing items (see EXHIBIT III for the cost of storage).  7. Returns a copy of the completed signed work order to Asset Management.
Asset Management	8.  Upon receipt of a signed work order, completes an Asset Retirement and Transfer Form (which can be obtained from the Asset Management Office) to properly reflect the asset location within the University's asset inventory ledger. This form is completed for all movement of assets based on surplus inventory storage, sale or disposal.  9.  If the item is stored, adds the item to the inventory list, and periodically provides this list to any department interest in purchasing items already in storage.

A.     Surplus Furniture Transfer Form (can be obtained from the Asset Management Office)
B.     Asset Retirements & Transfers (can be obtained from the Asset Management Office)
C.     University of Medicine and Dentistry of New Jersey Surplus Furniture Storage Cost
 

________________________________________
Senior Vice President for Administration and Finance

DESCRIPTION:  MONTHLY COST*

SINGLE PEDESTAL DESK (60"W X 30" D):  $15.00

EXECUTIVE DOUBLE PEDESTAL DESK (72"W X 36"D):  21.60

CONFERENCE TABLE (60"W X 30"D):  15.00

CREDENZA (62"W X 18"D):  9.30

SECRETARIAL CHAIR (18.5"W X 16.5"D):  2.40

EXECUTIVE SWIVEL CHAIR (21.5"W X 17.5"D) : 3.25

BOOK CASE (36"W X 12"D):  3.60

COMPUTER TABLE (24"W X 18"D):  3.60

FILE CABINET (15"W X 24"D):  3.00
 

* Exhibit will be revised when monthly costs change. 
 

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