Rensselaer Logo

Policy
Sale of Equipment to
Faculty, Staff or Outside Company


 
  1. DEFINITION OF CAPITAL EQUIPMENT
     
  2. SALE OF NON-FEDERALLY FUNDED CAPITAL EQUIPMENT TO FACULTY, STAFF OR OUTSIDE COMPANY
     
  3. SALE OF FEDERALLY FUNDED CAPITAL EQUIPMENT TO FACULTY, STAFF OR OUTSIDE COMPANY
     
  4. DEFINITION OF NON CAPITAL EQUIPMENT

 
DEFINITION OF CAPITAL EQUIPMENT:
 
Any movable asset (each item)
  • valued at $3,000 or more
  • with a useful life of 1 year or more
  • not permanently affixed to a building
  • Examples include a computer, copier, work station, audio visual equipment, scientific apparatus, etc. valued at $3,000 or more.
See Codes for further description

 
SALE OF NON-FEDERALLY FUNDED CAPITAL EQUIPMENT TO FACULTY, STAFF OR OUTSIDE COMPANY
  • Capital Equipment no longer in use and considered surplus by the equipment owner, portfolio, Institute and the Property Administrator, may be sold to Rensselaer faculty, staff, or outside companies.
  • The department head must ensure that no other individual in the portfolio or the Institute has need of the equipment at Rensselaer.
  • The department wishing to sell an item must contact Property Administration (Mike Kaczor x6772) to verify the item as a piece of capital equipment and to agree upon a price for the item.
  • If the item is fully depreciated, the price will either be a maximum of 10% of the acquisition price or a mutually agreed upon price by the property administrator, buyer's supervisor and the buyer.
  • If the item is not fully depreciated, the faculty or staff member must pay the undepreciated value or the fair market value of that item.
  • A Bill of Sale must be completed by filling in the amount of sale, adding 8 percent sales tax, and obtaining a signature by a Dean, Director, or Department Head.
  • The department that is the owner of the item being purchased, will collect the funds for the item and deposit it into their home organization. Deposit sales tax into Fund 135493 and Account Code 857.
  • An Equipment Change Request/Notification Form must be completed so that records can be properly maintained by Property Administration. For directions on how to fill out this form see the Property Manual (choose number 9).
  • These forms must be forwarded to Property Administration in Modular Building 01.
 
SALE OF FEDERALLY FUNDED CAPITAL EQUIPMENT TO FACULTY, STAFF OR OUTSIDE COMPANY
 
The department must obtain disposition instructions from the agency prior to disposal, according to OMB A-110, Section 34(g)

 
DEFINITION OF NON CAPITAL EQUIPMENT:
 
Any movable asset (each item)
  • valued at less than $3,000 unless it is a fabrication or component part
  • not permanently affixed to a building
  • Examples include a fax machine, table, chair, computer, monitor, printer, etc. valued at $3,000 or less.
See Codes for further description

 


 

This Web Page is maintained by Mike Kaczor.
If you have any comments regarding our website,
please e-mail Mike at kaczom@rpi.edu
 
Webmaster
Debbie DeVries

 

Contact Bar
Rensselaer Home Page Find a Rensselaer Site Rensselaer's Information System People with the answers at Rensselaer Return to the Administration Home Page