If the University has title to a piece of inventorial equipment in your department and you would like to use the equipment as a trade-in when purchasing new equipment, follow these steps:
|1. Determine who has title to the inventorial equipment.|
Check the tags on the equipment.
- If you see two equipment tags (one property number and one government) the equipment may not be used as a trade-in. Review the property record in the Asset Management System (AMS) to see whether the title status is University or agency.
If the property record title is agency, contact the Managing Equipment supervisor for instructions on how to proceed.
- Equipment with an agency title requires a sponsor’s approval prior to any change in status or ownership or any disposition action.
- Equipment with a University title may be used as a trade-in.
|2. Complete a purchase requisition for the new equipment to be purchased.|
- Process a purchase requisition for the new equipment. Include the property number of the equipment and a description of the item you are trading in.
- Include the description of the item and the dollar value of the trade-in allowance on the purchase requisition. You can obtain this information from the vendor or contact the Managing Equipment department to determine the fair-market value of the item.
If the trade-in allowance is zero, include this information on the purchase requisition as “trade-in allowance as zero benefit.”
|3. Arrange for the trade-in equipment to be picked up or shipped.||Arrange with the vendor for pickup.|
|4. Complete the Equipment Inventory Modification Request (EIMR) to delete the equipment from your inventory.||Complete an electronic EIMR to record the disposition action. Check the box for trade-in and include the purchase order number as reference. |