Capital Asset Retirement
Contact: Ben Wake, firstname.lastname@example.org C-249 ASB, 2-9766
When assets are no longer of use to the department, the General Accounting Office should be notified by email (email@example.com). If the department has questions, the General Accounting Office can be contacted at (2-9766).
Assets that are not properly retired through the General Accounting Office will be considered lost or stolen on the department’s next physical inventory.
Methods of retirement include:
- Sale of Asset: There are three major ways to sell university assets. Contact purchasing (2-3471) to initiate all sales. A copy of the sales receipt should be sent to the General Accounting Office (ASB C-249, firstname.lastname@example.org) Types of Sales:
- University Surplus Sale
- University Internet Auction
- Department has a Buyer
- Scrapped Asset: There are two major ways to scrap university assets. Contact the General Accounting Office by email (email@example.com) to initiate the process.Types of Scraps:
- Scrapped to University Student Computer Checkout (SCC)
- Used for parts
- Trade-in of Asset for Another Asset: When trading an older asset for a new asset, the department must reference the old tag number on the Purchase Requisition of the new asset. When the new asset is received, Contact the General Accounting Office by email (firstname.lastname@example.org) to initiate the tagging of the new asset and retirement of the old asset.
- Lost or Stolen Asset: Lost or stolen assets must be reported to the General Accounting Office by email (email@example.com) . A “Report of Lost or Stolen Equipment” form (located on the Financial Services Website) must then be filled out and signed by the proper personnel. The General Accounting Office will obtain the signature of the Financial Service Chief Financial Officer send a copy of the Lost or Stolen report to the University Police. The General Accounting Office will then process the Lost or Stolen report in the Asset Management System.
- Asset Returned to Vendor for Credit: If an asset is returned to the original vendor for credit, notify the General Accounting Office by email (firstname.lastname@example.org).