3:130 Public Auctions

Adopted Date: August 2015

Revised Date: 

Responsible Office:
UM System Supply Chain

Policy Statement

Any department desiring to purchase items other than research animals at a public auction must contact Surplus Property (882-5051), at least three working days prior to the auction date.

Procedures

Amount of Purchase

Single purchase at any one auction shall not equal or exceed $100,000. Purchases that are anticipated to equal or exceed $100,000 will require consultation with the Supply Chain Manager  prior to any other action by the using department.

Purchase Procedure

1. The requesting department must contact, Surplus Property Section, with the auction details.
2. If approved, the manager of Surplus Property (or the manager’s designee) will conduct the purchase based on the guidelines provided by the requesting department.

A 3% Surplus Property administrative fee will be added to the final purchase price. Departments must provide to Surplus Property the appropriate MoCode from which to transfer the purchase price plus the 3% fee. This information should be provided within one week of purchase.