6-EQUIPMENT TRANSFER

6.10 SALE OF UNIVERSITY EQUIPMENT
EFFECTIVE
6/1/00		LAST UPDATE
06/27/05
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 a Sponsored Projects Services account (300000-49999) 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.

      1. Determine that the equipment was not purchased on a Sponsored account.

      2. Prepare a Request for Authorization to Dispose of Property. Check "Other," indicate potential buyer and forward to Surplus Property.
    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 Figure 1.

    6. Payment must be received from the buyer prior to shipment. Assist in the shipment of the property, if necessary.

    7. Notify Property Management-FSO of the sale and request the item(s) be removed from the Fixed Assets System (FFX). In the event the item was purchased both on Sponsored Project grant and contract accounts (300000-499999) and other University accounts, and is being transferred to another institution as per Section 6.20, write the amount of proceeds obtained from the other institution on the face of the RAPD copy that is sent to Property Management.
    PROPERTY
    MANAGEMENT-FSO
    1. Remove the items from the Fixed Assets System (FFX) and send the Custodial Department an Asset Control Sheet.

    CROSS-REFERENCES:

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