Table of contents: alphabetical Table of contents: department

Finance - Form required for the Transfer, Retirement or Sale of Equipment


Procedure

Title: Form required for the Transfer, Retirement or Sale of Equipment
Policy / Procedure No: PAY020
Purpose: To be in compliance with federal regulation A-110
Who Performs: Accounting in conjunction w/ Procurement Services, Recycling, and Transportation.
Documents Needed: Asset Disposition Form (acquired via Accounting) and in the event of the sale of equipment a Bill of Sale (acquired via Procurement Services).
General Information:

A completed Asset Disposition Form is required for the transfer, retirement or sale of equipment. The form can be obtained from Accounting, room 320 Renaissance Park, ext. 8179. or on the NU Banner Finance Help Web Page link under "Accounting Forms":

Contact Person: Accounting - Adam Kneeland ext 8179 for forms and inquiries

PROCEDURE:

Objective of Property Control
The Property Accounting office at Northeastern identifies, tags, and documents all equipment purchased with an acquisition value of $1,500 and above. In addition all federal funded property with an acquisition value of $1,500 and above is tagged. The Property Accounting office is required by federal law (under fed reg A-110) to control property through periodic inventories, provide logistical and financial accountability, and dispose of unneeded property.

Capitalized Equipment: Tangible non-expendable personal property including exempt property charged to ledgers 2,3,5,6, 7, or 8 having a useful life of more than two years and a unit cost of $1,500 or more. The following documents must be completed as a condition of disposing or moving of any University-owned property.

    Asset Disposition Form (Provided and executed by Property Accounting)

      • Used with the transfer (fill out section B of the form when moving equipment to a different campus location)
      • retirement, or sale of equipment (fill out section C of the form when retiring or selling an asset)

      Bill of Sale (Prepared and executed by Purchasing)
      Used in conjunction with the Asset Disposition Form with the sale of equipment.

      Guidelines for completing an Asset Disposition Form: Complete Section A (provides general equipment information) Form must be signed by a department head in order for it to be processed. If you are disposing of multiple items from the same location you can attach a listing of the items to 1 form.

      Complete Section B for Transfers Only
      Complete Section C for Dispositions or Sale of Equipment Only

      Once the form is complete it can be faxed, x8338, or sent via interoffice mail to room 320 Renaissance Park, Adam Kneeleand ext. 8179.

      Accounting Guideline for Review and Processing of the Asset Disposition Form:

      • If the items are computer related and have a unit cost less than $5,000.00 the form is sent to recycling. Recycling will remove the equipment, typically in 5 to 7 business days.
      • For all other equipment with a unit cost less than $5,000.00 the form is sent to transportation. Transportation will remove the equipment, typically in 5 business days.
      • For any item with a unit cost greater than $5,000.00, or to be sold, the form is sent to Jim Stack in purchasing for review before it is forwarded on to recycling or transportation.

      It is critical that the University control all assets. There are many instances where property that is not needed or is obsolete in one area may fill a requirement elsewhere in the University. By following the simple disposition guidelines, Northeastern will be able to effectively manage its resources.