When selling equipment at auction the name and the sale price must be provided. buyer’s Retirement Reasons: Code Reason Description 1 Sold University-owned equipment may be offered for sale by the campus Surplus Department, or the organization may sell the equipment with the permission of their campus Surplus Department. Surplus will still need to submit the retirement doc. The name of the buyer and selling price is required on the asset retirement document. 2 Trade-in The organization retires equipment that was traded in on a new purchase. The retirement should be issued when the vendor takes the equipment. A note should be included on the retirement document identifying the purchase order number for the new equipment. 3 Lost Equipment should only be retired using this code after every effort has been made to locate the equipment. The department should include a note on the document summarizing the efforts made to locate the asset and what will be done to ensure asset are not lost in the future. The department head will need to approve this retirement. 4 Recycled Once sensitive data has been removed, Surplus will retire an asset that is being recycled as scrap. 5 Cannibalized Parts of the equipment have been used to upgrade or repair other equipment. Surplus will still need to submit the retirement doc. The asset must first be transferred to Surplus via an asset edit doc. 6 Gift Equipment given to an external institution or organization. Authorization from the campus Surplus Department must be obtained before making a gift of equipment. 7 Theft Theft of capital equipment must be immediately reported to the campus Police Department. The police case number is required on the asset retirement document. 8 Destroyed Equipment that is damaged beyond repair and has been disposed of by the organization. Surplus or the Property Management department will need to submit the retirement doc. 9 External Retirement documents must be processed for equipment going to another Transfer university or nonprofit organization. Additional retirement reasons used exclusively by the Property Management Office Code Reason Description 0 Credit The University Capital Asset Office must retire equipment returned to the vendor, which results in the organization receiving a credit or refund. C Check Canceled This retirement reason identifies assets that were created but were cancelled later. E Asset Created in Error This retirement reason is used exclusively by the Property Management Office to retire assets created in error. H Retirement of Control This retirement reason is used exclusively by the Property Management Assets Office to retire control assets. J General Error Correction The Property Management Office uses this code exclusively to indicate those assets retired by a general error correction process.
When selling equipment at auction the buyer’s name and the sale price must be provided. Retirement Reasons: Code Reason Description 1 Sold University-owned equipment may be offered for sale by the campus Surplus Department, or the organization may sell the equipment with the permission of their campus Surplus Department. Surplus will still need to submit the retirement doc. The name of the buyer and selling price is required on the asset retirement document. 2 Trade-in The organization retires equipment that was traded in on a new purchase. The retirement should be issued when the vendor takes the equipment. A note should be included on the retirement document identifying the purchase order number for the new equipment. 3 Lost Equipment should only be retired using this code after every effort has been made to locate the equipment. The department should include a note on the document summarizing the efforts made to locate the asset and what will be done to ensure asset are not lost in the future. The department head will need to approve this retirement. 4 Recycled Once sensitive data has been removed, Surplus will retire an asset that is being recycled as scrap. 5 Cannibalized Parts of the equipment have been used to upgrade or repair other equipment. Surplus will still need to submit the retirement doc. The asset must first be transferred to Surplus via an asset edit doc. 6 Gift Equipment given to an external institution or organization. Authorization from the campus Surplus Department must be obtained before making a gift of equipment. 7 Theft Theft of capital equipment must be immediately reported to the campus Police Department. The police case number is required on the asset retirement document. 8 Destroyed Equipment that is damaged beyond repair and has been disposed of by the organization. Surplus or the Property Management department will need to submit the retirement doc. 9 External Transfer Retirement documents must be processed for equipment going to another university or nonprofit organization. Additional retirement reasons used exclusively by the Property Management Office Code Reason Description 0 Credit The University Capital Asset Office must retire equipment returned to the vendor, which results in the organization receiving a credit or refund. C Check Canceled This retirement reason identifies assets that were created but were cancelled later. E Asset Created in Error This retirement reason is used exclusively by the Property Management Office to retire assets created in error. H Retirement of Control Assets This retirement reason is used exclusively by the Property Management Office to retire control assets. J General Error Correction The Property Management Office uses this code exclusively to indicate those assets retired by a general error correction process.
PROPERTY_AND_PLANT_MANUAL.docx