Capital Equipment Disposals: Trade-In

Procedure

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.  Accounting Services can verify the University has title to the equipment.  Contact Accounting Services at [email protected] for assistance in determining ownership.

Departments must:

  1. Complete UM 1744: Capital Equipment Asset Trade In Form from the 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 Accounting Services at [email protected]
    • 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.
  • Accounting Services will review the form to ensure the University has title to the asset.
  • If Accounting 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 Accounting 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.
  • Accounting Services will make the appropriate adjustments in the PeopleSoft Asset Management module.

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