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  4. 6.10 Sale of University Equipment

6.10 Sale of University Equipment

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PURPOSE:

To provide direction to University departments on the sale of University equipment to another university or college, government or agency.

AUTHORITY:

Powers and duties of the University President
ABOR Policy 3-801 and 3-802

POLICY:  The University may sell University equipment to another university, college, government or agency at its fair market value. This is principally to allow the new employer of a transferring faculty member to acquire their University research equipment and to maintain continuity in their research activities.

The transfer of equipment acquired on Sponsored Projects Services accounts (3000000-499990) is administered under separate procedures and can not be sold under this policy.

PROCEDURE

RESPONSIBILITY

ACTION

CUSTODIAL DEPARTMENT
  1. Receive expression of interest concerning an available piece of University property from another agency in writing.
  2. Determine that the equipment was not purchased on a Sponsored account.
  3. Log onto the asset management software and fill out the Transfer Request (formerly known as Disposal Request). 

SURPLUS PROPERTY
  1. Review University inventory records to determine if the department selling the equipment is the owner of that property and that the equipment was not purchased on a Sponsored account.
  2. Review the Want List to determine if that item is required by another University department.
  3. Determine if the proposed sales price is actually the fair market value of the property. Sales prices that appear to be token amounts in order to circumvent University policy of not donating property will not be approved.
  4. If the sales price is satisfactory, the buyer agency will be invoiced for the equipment’s fair market value.
  5. Collect the sales proceeds and distribute to the relinquishing department in accordance with the Fee Schedule.
  6. Payment must be received from the buyer prior to shipment. Assist in the shipment of the property, if necessary.
  7. Update Surplus Property's website with such information as the tag number of the asset, transaction date, proceeds received, and surplus identification numbers, etc. so Property Management can remove the item from the Capital Asset Module (CAM) accordingly.

PROPERTY MANAGEMENT
  1. Remove the items from the Capital Asset Module (CAM) and send the Custodial Department an Asset Control Sheet.