Equipment Disposal - Trade In

Overview

A purchase of equipment is considered a trade in when one or more pieces of existing equipment are given to the vendor for a specified dollar amount discount.  If the total cost of the new purchase (paid amount plus discount amount) is $5,000 or more, the new purchase must be tagged and inventoried. 


Procedure

Department:

  • Identifies items for disposal/surplus (equipment, materials, and/or supplies)
  • If the equipment is federally owned or funded on current awards, please see this page for details.
  • Prepares an ARIBA order. In the item description field includes the amount of the trade-in credit along with the tag #’s of the items being traded-in.  
  • Initiates request for trade in by submitting a Property Activity Request - Form 1024 to Equipment Inventory using the proper disposal method. (Please see the instructions on the Form 1024 for details.)
  • Maintains copy of Property Activity Request - Form 1024 for 6 years.

Equipment Inventory:

  • Verifies that the Property Activity Request - Form 1024 is complete.  If any information is missing, returns the form to the department for completion.  Common information missing includes:
    • Illegible tag number(s)
    • Unauthorized signature(s)
    • Identical "Contact Person" and "Approved by" - these cannot be the same
    • No reason for disposal indicated
  • Process the completed form and removes the equipment from OASIS.
  • Maintains copy of Property Activity Request - Form 1024 for 6 years.

Last updated 02 October 2023