Capital assets are the property of the university and there are guidelines we must follow to ensure proper disposal of the asset.
A Capital Asset is a procured item that is:
- valued at a single amount greater than $5,000 (before taxes)
- with a life expectancy of more than one year
- is applicable whether purchase was funded by operating, ancillary, capital, trust or research funds
When it is determined an asset is no longer of use, is unable to meet operational requirements or obsolete, the Account Holder is required to complete a Disposal of Asset Form detailing the asset for disposal and forwarding the form to Purchasing Services via email to email@example.com.
Purchasing Services can assist as to the best channels for disposal including:
- Repurpose by inter-department sale/transfer
- Public sale advertising on Gov Deals
- Sale of asset for scrap value
University employees cannot acquire assets for personal or home use.
The official Asset Management Policy and Disposal of Asset Procedure are available through the University's Policy library.
Please contact firstname.lastname@example.org with asset disposal inquiries.