SALE OF VESSELS                           K030
 
 
PURPOSE

To set forth the procedures for the sale of vessels.

POLICY

The University of Miami Real Estate Office is responsible for the sale of
all vessels owned or acquired by the University, having the status of an
"asset held for sale", with the prior approval of the University Boat
Donations Committee, within the policy for the Sale and Disposition of
Assets (General Business Policies, F-035).

PROCEDURES:

It is the responsibility of the Real Estate Office to:

I.        Maintain records of all expenditures against all
          donated vessels and report annually to the Vice
          President for Real Estate and Manager of Database and
          Financial Planning.

II.       Secure all titles, registrations, and documents
          received with donated vessel and ensure proper
          transfer to the University of Miami.

III.      Coordinate with Risk Management Office to assure that
          the vessel is properly insured on day of receipt.
          Check insurance coverage any time donated vessel is
          chartered or needed for trial runs.

IV.       Maintain inventory of all vessels and yachts held for
          sale as to status; i.e., for sale at given price,
          advertised for sale on given date, being held pending
          listing sale, for charter only, etc.  Update and
          distribute list to UBDC and to the UM Risk Management
          Office.

V.        Prepare bill of sale and all appropriate documents
          necessary for completing sales transaction to
          purchaser when sale is approved.  Prepare charter
          party agreements as required.  Have all foregoing
          documents properly executed by appropriate University
          of Miami officials.

VI.       Proceeds of the sale in the form of cash, certified,
          or cashier's check are delivered through Real Estate
          Office to Controller for immediate deposit in the
          appropriate account.

VII.      Maintain record of all sales for archive files.
          Report gross proceeds of every sale to the UBDC, Vice
          President for Real Estate, and Manager of Database and
          Financial Planning (as appropriate), indicating
          separately all expenses, including finder's fees,
          brokerage commissions, applied salaries, dockage,
          survey costs, etc.

VIII.    Notify RSMAS prior to May 15 each year in order
            to obtain financial information from Manager of
            Database and Financial Planning.