Disposing of Capital Assets
Directive Statement
This directive establishes the proper methods of disposing of capital assets. Departments will need to request the disposal of the property from Asset Management for all capital assets or attractive property not sent to UF Surplus. In accordance with Section 273.05, Florida Statutes, the University has appointed a “Property Management Committee” to review all dispositions information for UF owned capital assets. It is the committee’s role to recommend the final disposition of capital assets.
Reason for Directive
To adhere to Section 273.05, Florida Statutes, and other regulations.
Who must comply?
All UF departments. Property Custodians are responsible for approving all Disposal Requests.
Procedures
No property, including capital assets, may be given to an individual or thrown away without prior approval from Asset Management.
Review the Capital and Attractive Livestock Directive for information on dispositions of livestock.
Below are different methods and procedures for disposing of capital assets.
Request a Surplus Pick-up or Recycle
In support of UF Strategic Plan and UF’s sustainability initiative, when attractive property is no longer needed, all property should be sent to UF Surplus to be reused, refurbished, or recycled.
- The Departmental Contact will follow the Sending Items to UF Surplus Directive
- Departments will need to record the disposal of federal property in myAssets
- Special allowances are made for property located outside of Alachua County. Equipment located in an area not serviced by UF Surplus may work with their local recycler to dispose of equipment
Utilize the UF Property Swap Listserv
Note: Computers cannot be listed on Listserv. Sign up for the UF Property Swap Listserv.
To create a posting:
- Log-In
- Select Email Lists Tab
- Select Appropriate Listserv Group (UF-PROPERTY-SWAP-L)
- Select Post New Message under Options
Post and provide additional information:
- Add Photos by browsing for file & attaching any photos
- Fill out body of email with information about your item, including number of items, size/dimensions, color, condition, etc.
- Hit Send
- You will get a confirmation from Asset Management that your posting has been approved & released
Remember to post that “Items have been claimed!”
Complete a Disposal Request
Departments will need to request approval from Asset Management using a disposal request for all of the disposal methods below.
Departments should complete the disposal request, including signatures if required, then upload the request in myAssets. If the department is unable to upload the request, the report of survey can be e-mailed to property@admin.ufl.edu.
Abandonment
To request disposition due to abandonment, the department will use the Disposal Request. Please note, abandoned property is not property that is just difficult to retrieve.
Cannibalization
Departments need to document on the Disposal Request:
- What parts were used to repair other property
- What property was repaired
- What was done with the parts that were remaining
By submitting this disposal request, the department is certifying that the asset will be dismantled and no longer used.
Casualty Loss
When property is damaged due to a sudden, unexpected or unusual occurrence the department will use the Disposal Request.
Please note: If the item is covered by the Equipment Maintenance Program, please contact Specialty Underwriters so that your department’s premium can be adjusted.
Donating to Another University
When a faculty member transfers from UF to another University, the property purchased on grants or contracts that are transferring with the faculty member will transfer to the new University. Additionally, property purchased on federal grants that have closed, but are continuing to support the PI’s research, can transfer with the faculty member if the property is not needed at UF.
The department will use the Disposal Request and include:
- Signatures from the College Dean, Division of Sponsored Programs, and the Property Custodian
- Verification of acceptance of the equipment by signature or email from the receiving institution
Lost
When the location of the property is no longer known, and all reasonable actions have been taken by the department to locate the property, the University Police Department must be notified immediately to obtain an incident report. The UPD incident number will be required to complete the Disposal Request. The Privacy Office will also be notified, and they may require a Privacy Incident Report if the property is a UF electronic device.
Return to Funding Agency
When Contracts and Grants funded property is required to be returned to the funding agency at the completion of the contract or grant, the department must complete the Disposal Request.
Return to Vendor
Usually used for warranty issues, when property is returned to the original vendor the department must complete a Disposal Request.
Sold
Property can be:
- Sold by public auction by UF Surplus
- Sold with authorization from the Board of Governors
- Sold to another non-profit higher education institution
When a faculty member leaves UF for another not-for-profit higher education institution, non-federal equipment owned by UF can be sold directly to the new institution at Fair Market Value (FMV), if the Dean determines the equipment is not needed by the department and the faculty member needs the equipment to continue research.
To sell capital assets to another non-profit higher education institution:
- The department chair and the faculty member usually handle the negotiations with the new institution to arrive at a fair price
- Asset Management (AM) can help determine a fair market value (FMV) if needed
- Once there is an agreement on price, the department will complete a Report of Survey in myAssets to designate the capital asset as “Sold”
- The department should complete an invoice for the asset, and contact Asset Management for assistance if needed
- All payments for capital asset sales must be sent directly to Asset Management at PO Box 115300, 116 Elmore Hall, Gainesville, FL 32611 for processing
Departments retain funds from all direct equipment sales when the sold equipment was purchased with Foundation and research funds.
Stolen
When the department discovers that property was unlawfully taken by another party the University Police Department (or local authority), must be notified immediately to file a police report. The police report will be required to complete the Disposal Request. The Privacy Office will also be notified, and they may require a Privacy Incident Report if the property is a UF electronic device.
In the case of loss of non-state-owned property that is covered by insurance, the department must notify the Environmental Health and Safety Insurance Coordinator at (352) 392-1591.
Trade-In
Attractive property can be traded-in by the department for the purchase of goods or services using the Disposal Request.
Transfer to State / Federal Agency
When the property is transferred to a State or Federal agency, departments should use the Disposal Request.
Last Reviewed
Last reviewed on 03/20/2024
Resources
Environmental Health and Safety Insurance Coordinator
Toolkits
UF HR Toolkits – Asset Management
Contacts
Asset Management: (352) 392-2556
Environmental Health & Safety: (352) 392-1591
University Police Department: (352) 392-1111
UF Surplus: (352) 392-0370