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Effective: 1/27/1993

Revised: 3/1/2004

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[ASU logo] PCS 1006: Trade-In of Equipment

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Purpose
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To define a procedure for the trade-in of university- and sponsor-owned capital equipment

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Sources
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Arizona Constitution Article IX, § 7
Property Control
Purchasing and Business Services

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Policy
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Department personnel wishing to trade in university- or sponsor-owned capital equipment must prepare a Property Relocation Authorization form before preparing a requisition for new equipment, to ensure that equipment being traded in is retired from the property control system.

Trade-in values that are substantially less than the market value of the equipment are prohibited.

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Procedure D
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Responsibility
Action
Department personnel
  1. Complete a Property Relocation Authorization (PRA) form:
    1. Check the Disposal/Salvage box in the “Activity” section.
    2. Record the ASU property control number (ASU PC#) on the PRA, if a number exists.
    3. Type or print the vendor’s name in the “New Location” section.
    4. Type or print “Trade-In On New Equipment” in the “Reason/Comments” section.
    5. Prepare an RX for the new equipment and type or print the RX number in the “Reason/Comments” section.
      Note: PRA forms are available in Property Control.
  2. Forward the signed PRA to Property Control for approval.
Property Control
  1. Check the PRA for sponsor-owned equipment.
If no sponsor-owned equipment is being traded in:
  1. Skip to step 7.
If sponsor-owned equipment is being traded in:
Sponsored property coordinator
  1. Check the source of funds, title, and sponsored account for specific regulations concerning trade-in procedures.
If specific instructions are required:
  1. Contact the sponsor and request trade-in instructions.
Property Control
  1. Sign the PRA, verifying equipment trade-in, and send a photocopy of the form to the sponsored property buyer.
  2. Hand deliver to the department a photocopy of the signed PRA(s) listing the equipment to be traded to the department. Remove the ASU property control tag(s) before the equipment leaves the university.
  3. Remove the traded equipment from the property control system.
Purchasing and Business Services
  1. Process the requisition only if a copy of the PRA is prepared and signed by Property Control.
  2. Enter the ASU PC# and trade-in value of the old equipment on the purchase order.
endtable

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