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Disbursement of Funds
If an item has a value of $50 or more as determined by University of Missouri Procurement Services or the actual sale price, a portion of the funds may be returned to the campus department. In order for funds to be returned to the campus department a written request for the funds must be made at the time the item is declared surplus. The written request must include a PeopleSoft MoCode to be used for reimbursement purposes.
If a department requests a portion of any income from sale of an asset be returned to the department, the sale price will be reduced by any costs associated with selling the item. Costs may include, but not limited to on-line auction fees, advertising costs, auctioneer costs, and labor costs, including fees for items which did not sell.
For items with a value of $50 or more when reimbursement has been requested and a MoCode has been provided, University of Missouri Procurement Services will reimburse the originating campus department 65% of the sale price minus any fees.
Items with an individual value of $49.99 or less will not be tracked and proceeds will not be returned to the campus department.
The funds retained by Procurement Services are used to offset the operational costs of the program.