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.
- 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
- 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.
- Inventory Services will review the form to ensure the University has title to the asset.
- 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
- When the approved copy is received by the department, the property may be traded-in for the new equipment.
- The UM asset tag should be removed before the item leaves the University premises.
- Inventory Services will make the appropriate adjustments in the PeopleSoft Asset Management module.