ADMINISTRATIVE PROCEDURE

Capital Equipment Disposals: Trade-In

Trading in Capital Equipment Assets

Departments can trade-in existing capital equipment assets on new capital equipment asset purchases.  The University must have title to the equipment before it can be traded-in.  Inventory Services can verify the University has title to the equipment.  Contact Inventory Services at finsys.umn.edu for assistance in determining ownership.

Departments must:

  1. Complete UM 1744: Capital Equipment Asset Trade-In from the UWide Forms Library.
    • Indicate how much trade-in allowance or value you are receiving from the vendor
    • Reference the purchase order and voucher number of the new item(s) to be obtained in the trade
  2. Forward the form to Inventory Services at umn.edu.
    • Dean, department head, or administrator's signature is required on this form. Approval authorization can be delegated based on the President's Delegations of Authority Program:  FN02 - External sales of good and services.
  3. Inventory Services will review the form to ensure the University has title to the asset.
  4. If Inventory Services authorizes the request, an approved copy will be sent back to the submitting department.
    • The trade-in cannot occur if it has not been approved by Inventory Services
  5. When the approved copy is received by the department, the property may be traded-in for the new equipment.
  6. The UM asset tag should be removed before the item leaves the University premises.
  7. Inventory Services will make the appropriate adjustments in the PeopleSoft Asset Management module.

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