Property Control System Manual (PCS)

[horizontal rule]

Effective: 6/30/1997

Revised: 11/1/2001

[horizontal rule]
[ASU logo]

PCS 1009: Sale of University Property to a Retiring University Employee

[horizontal rule]

Purpose

[horizontal rule]

To enable university employees officially retiring from the university to purchase university equipment that they have been using

Applicability

Employees officially retiring from the university

Source

Property Control

[horizontal rule]

Procedure

[horizontal rule]

The retiring university employee submits a memo or e-mail requesting to purchase property to the dean, chair, or department head.

The dean, chair, or department head approves the request if it is deemed that a replacement or other department personnel will not need the property. If the request is approved, the retiring university employee forwards an e-mail or memo indicating the items to be purchased to the Property Control manager with the approval letter or e-mail from the dean, chair, or department head.

The Property Control manager or designee:

  1. verifies that ASU has title and the property can be sold
  2. applies straight-line depreciation to the asset(s)

    and

  3. forwards the PRA form and accompanying correspondence to the Surplus Property manager.

If residual value is not market value, the Surplus Property manager:

  1. locates a vendor to obtain a fair market value calculation on the property

    and

  2. submits an e-mail or letter to the retiring university employee with the calculation of straight-line depreciation or fair market value of the asset(s).

The retiring university employee:

  1. accepts or rejects the offer made by the Surplus Property manager

    and

  2. if the offer is accepted, writes a personal check, payable to Arizona State University, for the residual or fair market amount, and presents check/cash to Surplus Property.

Surplus Property:

  1. inventories the property through the Surplus Property database

    and

  2. issues an ASU receipt to the retiring ASU employee upon completion of the payment transaction.

Property Control retires the asset(s) from the official property control system as a sale of ASU property.

  skip navigation bar


PCS manual | ASU policies and procedures manuals | Index of Policies by Title | PCS manual contact | Property Control Web site

Back to Top

Valid HTML 4.01 Transitional