Regents' Policy Manual - Section 7.9: Property Management

Adopted Date: 09-12-1996

Applicability

This policy applies to all property owned, used, loaned or leased to the University.

Policy

The University may acquire, maintain, protect, use and dispose of property required to perform its mission. University property shall be managed according to University policies and applicable state and federal law.

University property includes all equipment purchased by University departments, regardless of the source of funds used to purchase the equipment; U.S. Government-owned equipment used by University departments; components and materials used to make equipment, whether furnished to, acquired by, or fabricated by the University; property donated to the University; and property loaned or leased to the University by outside organizations.

The following types of property management transactions must be approved by the Board of Regents:

1. Purchase, sale or transfer of real property. 

2. Leases of real property, the annual cost of which exceeds $100,000. 

3. Disposition of surplus property.

4. Acceptance of certain gifts to the University (see Policy 7.13).

Implementation

The President shall adopt administrative policies and procedures to implement this policy.

References

By statute, purchase of real property must also be approved by the Commission on Higher Education and the State Board of Finance.

Disposition of Surplus Property Act, § 13-6-1, NMSA 1978; Policy on Property Management & Control, UBPPM Policy 7710.

Development, Receipt and Investment of Gifts to the University, RPM 7.13.