Equipment Transfers

A transfer is the movement of equipment and transfer of title from one institution to another in order to facilitate the continuation of research.

Transfers to other Institutions (Outgoing)

Approval from the dean, department chair, or department head responsible for the equipment must be recorded in advance of any transfer of equipment to another institution. Transfers of equipment purchased on sponsored awards will also need to be coordinated with Sponsored Programs for approval. Boston University may require reimbursement for some or all of the items to be transferred that were purchased on non-sponsored funds. Straight-line depreciation and/or fair market value of the equipment are generally the methods used in determining compensation. However, at the discretion of the dean, department chair, or unit head, this calculation may be waived.

Procedure:

Contact Property Management at  Property@bu.edu to begin the process. 

The Property team will provide a list of movable capital equipment assigned to the departing PI, which includes acquisition value, book value, and a title determination.

  1. The list should be reviewed by the dean, department chair, or unit head, and the transferring principal investigator. The department will negotiate the sale price for BU-owned equipment based on the current book value.
  2. A written transfer agreement is required and will include:
    • a final list of transferring equipment with the Boston University Property Tag number, acquisition date, type of equipment (microscope, centrifuge), manufacturer, model, and serial number
    • a transfer of liability to the receiving institution.  
    • Any charges agreed upon and any terms of the physical transfer.

Once the terms are determined, Property  Management will work with the Office of General Counsel and the  University  Controller to provide a signed legal sale document.

If Boston University is being reimbursed by the receiving institution, please work with the Miscellaneous Receivables department  https://www.bu.edu/cfo/controller/departments/rfo/miscellaneous-receivables/to send an invoice for the equipment.

A copy of the signed transfer agreement must be forwarded to Property Management and sent to all responsible parties. 

 

Transfers from other Institutions (Incoming)

All equipment that meets the capitalization threshold ($5000+, useful life 1yr+) transferring to Boston University from other institutions must be recorded within the Asset Accounting Module. The title for this equipment is vested in the University unless award regulations dictate otherwise.

Procedure:

  • If transferring at a cost to BU, contact Property Management to review the list for capital equipment. Once reviewed, the department Property Administrator shall submit a purchase requisition with items that meet capitalization criteria, charged to General Ledger Number 571400.  A list of each asset’s manufacturer, model number, serial number, purchase price, acquisition year, and a brief description of the equipment must be attached to the purchase requisition. If the sending institution provides a sales contract, please submit a Contract Request form to Sourcing & Procurement. https://www.bu.edu/sourcing/contract-request-form-5/#mylocation
  • If transferring at NO cost to BU, A transfer agreement document must be drafted with a list of all equipment being transferred. The list must contain each asset’s manufacturer, model number, serial number, purchase price, acquisition year, and a brief description of the equipment.
  • A signed copy of this document must be sent to Property Management at Property@bu.edu and is required for the equipment to be covered by the University’s insurance policy.