PROPERTY
20.45
Revised 4-05
Business and Finance
335-5524
PDF link
OVERVIEW
This section provides policy and procedures for processing University land transactions.
Real Estate Office
All transactions involving University real property are processed for the University by the Real Estate Office. The Real Estate Office is located in the Office of Business and Finance.
Such transactions include, but are not limited to:
- Acquisitions of real property by the University, including gifts.
- Dispositions of University real property, including sales and exchanges.
- Lease of University real property.
- Lease of non-University real property by the University.
- Acquisition, grant, or release of easements.
- Acquisition, issue, or release of right-of-ways.
- Vacation of streets associated with real property.
Records
The Real Estate Office is responsible for creating and maintaining accurate inventories of University real estate. The Real Estate Office forwarded such inventory records to General Accounting in accordance with University recordkeeping requirements. The Real Estate Office is also responsible for maintaining records of all real estate transactions.
Real Estate Council
The Real Estate Council reviews real estate matters for the University, including plans, purchases, sales, and assignments.
The Real Estate Council consists of the Vice President for Business and Finance, the Associate Vice President for Business and Finance, the Senior Associate Vice President for Business and Finance, the Executive Director of Capital Planning and Development, and the Director of Special Projects and External Relations. Other individuals may be included, depending on the issue being considered. The Vice President for Business and Finance chairs the Real Estate Council.
PROPERTY PURCHASE
Proposal
The Real Estate Office, a college, or a department may propose that the University purchase or lease real property and then seek assignment of that property. The proposing college or department submits the justification to the Real Estate Office.
Real Estate Office/Council
The Real Estate Office coordinates proposals to purchase, sell, or lease real property and forwards the proposals to the Real Estate Council for consideration. The Real Estate Council reviews the justification and makes a recommendation to either the Vice President for Business and Finance or the Board of Regents, depending on the purchase price of the property.
Approval
The Vice President for Business and Finance approves real property purchases or leases under a delegation of authority from the Board of Regents. The Board of Regents approves all purchases or leases of real property for which delegation has not been given.
PROPERTY SALES
The Real Estate Office, a college, or a department may propose that the University sell or lease to others real property owned or controlled by the University. The proposing college or department submits the justification to the Real Estate Office.
The Real Estate Office forwards the sale or lease proposal to the Real Estate Council for consideration.
Approval
The Vice President for Business and Finance approves real property sales or leases under a delegation of authority from the Board of Regents. The Board of Regents approves all sales or leases of real property for which delegation has not been given.
PROPERTY ASSIGNMENT
The Office of Business and Finance assigns University real property to colleges and departments for specified operations, research, space needs, and initiatives.
The Office of Business and Finance makes assignments of University real property after considering recommendations from involved committees, departments, colleges and executive officers.
The Office of Business and Finance may review and change assignments based upon University operating policies, and academic and nonacademic objectives.
PROPERTY REVIEW
In accordance with Board of Regents' policy, the Real Estate Office periodically reviews University real estate holdings to determine whether or not:
- Each University property is serving the purpose originally intended;
- Any University property may be disposed of;
- Any University property may be put to better use.
If the Real Estate Office identifies property which may be disposed of or put to better use, the office notifies the college dean or department director of the area to which the property is assigned. The Real Estate Office seeks the administrator's input concerning the use or disposal of the property before submitting a proposal to the Real Estate Council.