POLICY - Sale of Equipment to Faculty and Staff

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.

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

SALE OF NON CAPITAL EQUIPMENT:

Non Capital Equipment no longer in use and considered surplus by the equipment owner and the Property Administrator, may be sold to Rensselaer faculty, staff, or outside companies.
The department wishing to sell an item must contact Property Administration (Mike Kaczor x6772 or Marcy Smith x8704) to verify items are not capital equipment and do not have a tag.
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.
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.
The Bill of Sale must be kept in the Department's files for reference in case of auditing.
It is not necessary to complete an Equipment Change Request/Notification form since Non Capital items are not tracked in our SCANventory database.