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