Finance FN51 - Acquisition and Disposal - Surplus Material and University-Owned Assets

Accessed:	2026-07-17
Purpose of series:	Records series documenting the acquisition and disposal of surplus material and university-owned electronic equipment under Procurement procedures.
Scope and contents:	Includes (but not limited to): quotes, related forms, approvals, surplus disposal offers, receipts, E-waste disposal, contracts, certificate of ownership, warranties, related documentation, and correspondence.
Cross reference:	Transferring of funds - See: Financial Transactions - Centrally Processed (FN10); Inventories - See: Asset Inventories (FP10)
Exceptions:

Primary offices:	Financial Services
Primary office retention trigger:	Superseded / Obsolete
Primary office disposition:	Secure Destruction
Primary office retention period:	6 years
Primary office retention instructions:	S/O = Record closed on the fiscal year (FY) acquisition sold, transferred, or disposed of. Records related to the approval and completion of the acquisition or disposal will be retained for 6 additional years. All other documentation retained for 2 additional years, then securely destroyed

Secondary offices:	Units
Secondary office retention trigger:	Superseded / Obsolete
Secondary office disposition:	Secure Destruction
Secondary office retention period:	2 years
Secondary office retention instructions:	Acquiring Unit S/O = Life material/asset in custody of unit. Record closed after material/asset disposed of. Retain for 2 additional years, then securely destroyed. NOTE: Upon acquisition of material/asset proof of ownership, contract and outlined obligations, warranties, and supporting documentation retained as per the S/O+2 years retention. All other related documentation can be securely destroyed after 2 years of acquisition. Upon disposal of material/asset transfer required documentation to new custodian, then retain as outlined for disposing unit. Disposing Unit S/O = fiscal year (FY) material disposed of. Retained for 2 additional years, then securely destroy.

Retention rationale:

Expected operation use. Surplus Policy, Research Equipment Policy, Procurement Policy

Vital records	Electronic systems	Personal information	Official media
No	Banner	No	Paper, Electronic

Approval date:	Last updated:	Edited by:	Security classification:
2021-05-31	2021-08-30 10:33:23		Internal

Notes: