Retirement of Assets

In order to retire Capital or Non-Capital equipment items from property inventory records, a department deems the items unusable for their purposes. The following procedures must be taken:

  • A Request for Survey Form must be prepared and submitted to Asset Management. A complete description of the item, including the University identification number and serial number, if available, should be furnished.  This includes items that are tagged or not tagged like furniture.
  • This form is to be signed and approved by a College Dean or Department Administrator.  If the item’s purchase price was greater than $5000 and a purchase date of less than 5 years, an approval from VPAF is required.
  • Asset Management will make arrangements to physically remove the items  from department and change the flag from “in service” to “disposed” in PeopleSoft AM.

Surplus assets will be in the Property Management Warehouse available for any department to claim and use to conduct university business.