Board Resolution 2021-12-14(b)

Meeting room

Topic: Procurement
Subtopic: Disposal of surplus personal property owned by IMRF
Date: 12/17/2021
Status: Active

WHEREAS, section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary or desirable for the efficient administration of the Fund; and

WHEREAS, the Fund is a unit of government required to purchase various goods for the administrative use of the Fund; and

WHEREAS, from time to time, these goods may become no longer necessary, useful to, or for the best interest of the Fund; and

WHEREAS, it is appropriate and desirable that the Board of Trustees adopt rules for disposing of such personal property that is no longer necessary, useful to, or for the best interest of the Fund.

NOW THEREFORE BE IT RESOLVED, that the following policy shall govern the disposal of surplus personal property owned by the Fund.

  1. Property less than $1,000 in aggregate value
    Whenever the Fund owns any personal property which is determined by a Director or their designee to be no longer necessary, useful to, or for the best interest of the Fund and having an original value of less than one thousand dollars ($1,000.00), a Director, at their discretion, may authorize the disposal of said property, in accordance with the following conditions and procedures without any further action of the Board of Trustees.
    1. A Director or their designee shall make a written determination that the property is no longer needed by the Fund and shall set forth reasons therefor.
    2. A Director or their designee shall solicit proposals for the purchase of such property, sell it at public auction, scrap the property, donate the property, or authorize a trade of such property for the purchase of other property, whichever, in their judgment, will generate a greater return to the Fund. If a Director or their designee chooses to solicit proposals, he or she may do so by such means as he or she deems suited to generate the best response.
    3. Disposal or sale of the property hereunder shall not be made to an officer or employee of the Fund or to a person related by blood or marriage to an officer or employee of the Fund, except items sold through sealed bid or at public auction.
  2. Property between $1,000 and $25,000 in aggregate value
    Whenever the Fund owns any personal property which is determined by the Executive Director or their designee to be no longer necessary, useful to, or for the best interest of the Fund, and having an original value of one thousand dollars ($1,000.00) or more and currently having actual resale value of less than twenty five thousand dollars ($25,000), the Executive Director or their designee shall be authorized to dispose of said property, in accordance with the following conditions and procedures without any further action of the Board of Trustees.
    1. The Executive Director or their designee shall make a written determination that the property has a resale value of less than twenty-five thousand dollars ($25,000) and is no longer needed by the Fund and shall set forth reasons therefor.
    2. The Executive Director or their designee shall solicit proposals for the purchase of such property, sell it at public auction, scrap the property, donate the property, or authorize a trade of such property for the purchase of other property, whichever, in his or her judgment, will generate a greater return to the Fund. If the Executive Director or their designee chooses to solicit proposals, he or she may do so by such means as he or she deems suited to generate the best response.
    3. Disposal or sale of the property hereunder shall not be made to an officer or employee of the Fund or to a person related by blood or marriage to an officer or employee of the Fund, except items sold through sealed bid or at public auction.
  3. Property over $25,000 in aggregate value or having title
    Whenever the Fund owns any personal property which is determined by the Executive Director or designee to be no longer useful to, or for the best interest of the Fund, and having actual resale value of more than twenty-five thousand dollars ($25,000), or consisting of an item having a title (e.g. vehicle), the items may only be disposed of in accordance with Board action.
  4. Reporting Requirements
    Following the sale or disposition of such property, the Director, Executive Director, or their respective designee making the surplus determination under paragraphs 1(a), 2(a), or 3 above, shall file with the Chief Financial Officer and Comptroller the written determination of surplus and a summary of the method by which the property was disposed.