S.C. Code Ann. § 59-101-180: Sale and disposal of real property; disposal of proceeds.

The governing body for each state-supported college and university shall review the real property titled in the name of its institution to determine if such property is in excess of the institution's anticipated needs and is available for disposal. All real properties determined to be in excess may be disposed of with the approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, and the governing body for the college or university. The proceeds of such sales are to be disposed of as follows:

(1) if the property was acquired as a gift, or through tuition, student fees or earned income, the proceeds may be retained by the selling institution for use in accord with established needs;

(2) if the property was acquired through state appropriations, state capital improvement bonds, or formula funds, the proceeds shall revert to the state general fund.

The responsibility for providing any necessary documentation including, but not limited to, documenting the fund source of any real property proposed for sale rests with each respective institution.