PCS 1009: Sale, University Property, Retire, Employee

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Effective: 6/30/1997

Revised: 11/1/2001

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

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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

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Procedure D [horizontal rule]

Responsibility	Action
Retiring university employee	Submit memo or e-mail to dean, chair, or department head requesting to purchase property.
Dean, chair, or department head	Approve the request if it is deemed that a replacement or other department personnel will not need the property.
	If request is approved:
Retiring university employee	Forward 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.
Property Control manager or designee	Verify ASU has title and property can be sold.
	Apply straight-line depreciation to the asset(s).
	Forward PRA form and accompanying correspondence to the Surplus Property manager.
	If residual value is not market value:
Surplus Property manager	Locate a vendor to obtain a fair market value calculation on the property.
	Submit 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).
Retiring university employee	Accept or reject the offer made by the Surplus Property manager.
	If offer is accepted:
	Write a personal check, payable to Arizona State University, for the residual or fair market amount, and present check/cash to Surplus Property.
Surplus Property	Inventory property through the Surplus Property database.
	Issue ASU receipt to retiring ASU employee upon completion of payment transaction.
Property Control	Retire the asset(s) from the official property control system as a sale of ASU property.

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