Equipment for Faculty Leaving the UI
Key Contacts
If you have questions about the CLAS process for requesting equipment transfers, please contact your department accountant.
Applicability
Departing faculty member requesting a transfer of equipment ownership from the University of Iowa to another institution.
Policy Purpose and Description
CLAS follows Capital Assets Management’s policy on Title Transfer. This policy is in place to ensure that ownership of assets is transferred appropriately when a departing faculty member would like to have their assets transferred to their new institution, and for an appropriate amount. This policy also ensures that federally titled equipment is not disposed of or transferred without authorization from Grant Accounting.
Definitions
Any equipment valued over $1,000 regardless of the original source of funding is covered by this policy. Fully depreciated equipment is included as well.
Procedure
CLAS process for requesting equipment transfers:
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Prepare an inventory of all equipment purchased for faculty member.
- Note how the asset was purchased (funding source), the date the asset was purchased, the cost of the asset at the time of purchase, the UI Tag or Asset ID number, asset description, asset serial number and asset model.
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Designate which equipment on the list the faculty member would like to transfer to their new institution.
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The DEO will work with their Area Associate Dean and a CLAS Finance representative to determine what assets can be taken and if the faculty will need to reimburse the UI for the depreciated cost of the asset they will be taking with them.
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Once a decision is made on which assets are being transferred, the transferring department should use the UI Policies for Title Transfer form (https://cam.fo.uiowa.edu/capital-assets-management/forms/title-transfer) while other types of transfer forms can be found here (https://cam.fo.uiowa.edu/capital-assets-management/forms), and include the Director, Business & Financial Administration or their delegate on any workflow path.
Forms
Frequently Asked Questions
NA
Related Information
Revision History
1/6/2020