Property Management FAQ's
- I have excess equipment. How do I get rid of it? Can I buy the equipment for my personal use after the grant or contract ends?
- I'm transferring to another institution. How do I transfer my equipment?
- My grant has ended. Equipment purchased on KUCR grants and contracts for which I am the PI is my equipment, right? Can I take my equipment home?
- I'm too busy to let KUCR tag my equipment or let them in my lab. Why is that property person so persistent?
- What is the definition of equipment? Who keeps track of things I buy?
- I need to ship some equipment acquired in a KUCR grant or contract out of the country. What do I need to do?
- I just received some Government Furnished Property (GFP or GFE). What should I do with the paperwork that accompanied the equipment?
- My equipment has been stolen, vandalized or otherwise damaged. What should I do?
- I want to purchase a newer model of equipment. Can I trade the old equipment in?
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The following criteria apply:
- The equipment is not needed at KU/KUCR by other faculty and/or staff.
- Grant funded equipment and/or supplies may be transferred at no cost as long as the grant is also transferring with the researcher, with the approval of the Department Chair or Center Director.
- Non-grant funded equipment and/or supplies may be “sold” to the new organization based upon a negotiated value, with prior approval of the Department Chair or Center Director, as appropriate.
- The minimum value that the University will accept for equipment is:
- Net Book Value (Original Cost less Accumulated Depreciation) – Central Property Accounting will provide this value for all centrally tracked assets and will assist in calculating this value for non-centrally tracked assets.
- 5% of Original Cost – For fully depreciated assets.
- The Department Chair or Center Director, as appropriate, must negotiate and approve all transfer requests.
- All negotiated transfers must be documented via written agreements between KU/KUCR and the new organization. Either KUCR Accounting Services or KU Central Property Accounting can assist with draft written agreement, depending on the source of funds used to procure the items and where the items are recorded.
- KUCR Financial Services or KU Central Property Accounting, as appropriate, must receive the written agreement signed by all parties before any equipment is removed from campus.
NOTE – all transactions associated with equipment, assets, and/or supplies purchased with any of the KUCR funds are subject to the KUCR Costing Policy.
REMINDER – These types of transactions take a significant amount of time to coordinate. We highly recommend that departments with this issue contact KUCR Accounting Services as soon as they become aware of the request.
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