Property Control System Manual (PCS)

Effective: 6/30/1997

Revised: 11/1/2001

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

Purpose

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

Procedure

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.

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