Regents' Policy Manual - Section 7.9: Property Management

Adopted Date: 09-12-1996
Amended: 04-08-2014
Amended: 12-09-2020

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 is $1,000,000 or more. (Note: If the lease contains an option to purchase the real property, Regents must approve exercising the option.)

3. The Finance and Facilities Committee or the Health Sciences Committee, as appropriate, must approve the disposition of surplus property, in accordance with NMSA 1978, § 13-6-1 et seq.  Such dispositions are not approved by the full Board.

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 Higher Education Department and the State Board of Finance.

Disposition of Surplus Property Act, § 13-6-1, NMSA 1978.

UAP 7710 ("Property Management and Control).

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