602.3 - Procedure for Transferring Capital Equipment to the University

Introduction

Purpose

This Procedure provides the guidelines to be followed in transferring capital equipment to the University of North Carolina at Chapel Hill ("University").

Scope of Applicability

This Procedure applies to all employees of the University.

Procedure

All equipment from other institutions or federal agencies transferred with newly employed faculty must be reviewed to determine if it should be added to the Assets Management database.

Department business offices must notify Assets Management when a new faculty member transfers to the University from another institution or federal agency, bringing equipment previously owned by that institution or agency.

Submit a list or relinquishing statement from the institution or agency, with the following information:

  • Description of equipment
  • Manufacturer
  • Model number
  • Serial number
  • Date of acquisition
  • Acquisition cost

The Assets Management team will calculate the depreciated value of the equipment and determine whether it meets the criteria for entering into the Assets Management database. Once reviewed, University Assets Management decals will be sent to the department for tagging if equipment meets the capitalization requirements.

Definitions

Capital Equipment  - Equipment with a useful life of two or more years are capitalized if the acquisition cost is $5,000 or more per item or aggregate component parts, contains or is made of non-expendable material and is not made for consumption. The acquisition cost of equipment includes installation charges and freight. See Finance Policy 601 - Policy on Capital Assets for more details.

Exceptions

None.

Related Requirements

External Regulations and Consequences

University Policies, Standards, and Procedures

Forms

Frequently Asked Questions

Q: How do I handle transfers from an organization that is not part of the University?

A: If the equipment is purchased as part of the on boarding of a faculty member, Principle Investigator, or other employee from another agency or part of a negotiation price from an organization that is not part of the University, the transfer is treated as a purchase. (Please see Finance Procedure 602.2 - Procedure on Purchase or Trading in of Capital Equipment.) 

If the equipment is transferred as part of the on boarding of a faculty member, Principle Investigator, or other employee from another agency or part of a negotiation from another organization that is not part of the University and no reimbursement is made, for for which there is no negotiated amount paid, treat the equipment as a capital gift/donation. (Please see Finance Procedure 602.2 - Procedure on Purchase or Trading in of Capital Equipment.)

Q: How do I handle the transfer of equipment between different departments of the University?
A: Departments should got through the Surplus Property Office and Assets Management Team, or be negotiated between departments and the Assets Management Team. In either case, please complete Finance Form 603.5.1f - Capital Relocation Form, have it authorized by the department head or designee, and email it to assets_team@unc.edu to update the changes.

Q. How do I handle the transfer of equipment within our department?
A: No approvals are required from Assets Management to move assets within your department, but you can update the new location in ConnectCarolina for accurate inventory keeping. Asset Management will keep the current value and appropriate tag issuance on file for inventory purposed.

Q. Are there any guidelines related to the transfer of federal government property?
A: A copy of the correspondence related to the transfer of federal government property to campus should be forwarded to the Office of Sponsored Research (OSR). In most cases, the title to the federally owned property that is used by the University during the award period remains vested in the federal government.

Q: A Principle Investigator transferred here and brought their lab equipment with them.  How do I have these items added to the department's inventory?
A: The department's business office should provide a list of the items transferred with the Principle Investigator to Assets Management. Each item should include its acquisition date, description, make, model, serial number, and original cost. Assets Management will compute each item's depreciated value. If the item meets the University's capitalization threshold of $5,000, Assets Management will request the current location of the item and add it to the department's inventory.

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Details

Article ID: 131670
Created
Thu 4/8/21 9:14 PM
Modified
Tue 3/5/24 9:14 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
Finance and Budget
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Director, eProcurement and Materials Management
Next Review
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01/06/2025 10:00 AM
Last Review
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03/04/2024 10:00 AM
Last Revised
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01/11/2022 12:00 AM
Effective Date
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05/27/2022 12:00 AM
Origination
Date on which the original version of this document was first made official.
07/01/1999 12:00 AM