Transferring Capital Equipment to Another Institution
Departments can transfer capital equipment assets to other institutions, with the required approvals. The University must have title to the equipment before it can be transferred. Accounting Services can verify the University has title to the equipment. Contact Accounting Services at [email protected] for assistance in determining ownership.
Note: The University owns all capital equipment purchased with University or sponsored funds unless specifically stated in the sponsor contract, grant or cooperative agreement.
- Complete form UM 1393: Capital Equipment Asset Disposal (PDF) from the Forms Library.
- 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 transfer, an approved copy will be sent back to the submitting department.
- The transfer cannot occur if it has not been approved by Accounting Services
- When the approved copy is received by the department, the property may be transferred.
- The department should remove the UM asset tag before the item leaves University premises.
- Accounting Services will make the appropriate adjustments in the PeopleSoft Asset Management module.
Capital Equipment Assets Purchased with Sponsored Funds
Transferring equipment to another institution and the project is active:
- If it is purchased 100% by the sponsor – equipment may be transferred at no-charge
- If it is purchased with sponsored and University funds (including cost share) – equipment must be sold for the University’s percent of Fair Market Value (FMV)
Transferring equipment to another institution after the project is complete:
- If sponsored funds from NSF Grants, NIH grants or non-federal grants – the equipment must be sold at FMV.
- Exceptions to transferring the equipment without selling can be approved by dean or department head
- If sponsored funds from all sponsors except NSF grants, NIH grants or non-federal grants – the sponsor request takes precedence.
- Contact grant administrator in Sponsored Projects Administration (SPA) for assistance