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Transferring Ownership of Assets

Directive Statement

This directive establishes the proper methods to transfer ownership of assets between department IDs.  The University of Florida owns all property acquired with funds administered by or under the control of the University.  Title to assets purchased with federal funds may reside with the granting agency during the life of the contract or grant.  Once a contract or grant has expired, and if the granting agency no longer has a need for the property, title will revert to the University.  Assets meeting the capitalization threshold will be decaled regardless of funding source.

Reason for Directive

To provide direction for accountability and control of state-owned and government-owned equipment entrusted to the care of University employees.

Who must comply?

The Property Custodian is responsible for approving all Transfer Requests, whether transferring or receiving.

Procedures

  1. The Departmental Contact of the “transferring” department will follow the procedures in the UF HR Toolkit – Submit an Asset Transfer Request to submit a Transfer Request in myAssets within 30 days of the transfer of property
  2. The Property Custodian of both the transferring and receiving departments must electronically approve the transfer
  3. Asset Management will verify the appropriateness of all transfers of assets involving a Contract or Grant.  The terms and conditions of the granting agency may prevent the equipment to be used for activities other than the original project’s objective
  4. Asset Management will complete the transfer of ownership of the asset to the receiving department

Definitions

Departmental Contact

The Departmental Contact handles the day-to-day operations related to property.

Property Custodian

The University President has final responsibility for all capital assets that are in possession of the University.  Based on specific departments, this responsibility is delegated to the Vice Presidents, Deans, Directors or Chairpersons, or a Designee.  The person to whom this responsibility is assigned becomes the “Custodian” of the assets.  All Custodians must be a full-time EXEMPT employee with direct knowledge of the operations of the department.

Last Reviewed

05/01/2020: reviewed content

Toolkits

UF HR Toolkit – Submit an Asset Transfer Request

Contacts

Asset Management: (352) 392-2556

Contracts & Grants: (352) 392-1235

Division of Sponsored Research: (352) 392-9174

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