A transfer is the movement of equipment and transfer of title from one institution to another. All transfers require a detailed list of equipment involved and a title determination before final approval can be made.
Equipment Record Requirements:
Name of Principle Investigator or Equipment Custodian, Property Tag number, Manufacturer, Model, Serial Number, date of capitalization, funding source(s), and acquisition cost.
All incoming transfer agreements must clearly state the who holds title of the equipment.
Outgoing transfers, require a title review by Property Management which will determine the language of the final transfer agreement.
Transfers to other Institutions (Outgoing)
An outgoing transfer occurs when moveable capital equipment is permanently relocated to another institution and Boston University relinquishes title, ownership, and/or accountability of the equipment. Approval from the dean, department chair or department head must be made in advance of the transfer of both sponsored and non-sponsored equipment to another institution.
A transfer of equipment from Boston University may require reimbursement to the University. Straight-line depreciation and/or fair market value of the equipment being transferred 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 for Responsible Department:
- Determine which capital equipment is involved in the transfer.
- Property Management can assist with compiling an asset list.
- Complete a title review of the equipment involved.
- Property Management and Sponsored Programs can assist with title inquiries.
- Review the equipment list for title and compensation determinations with dean, department chair, unit head, and transferring principal investigator.
- Draft transfer agreement to the new institution. Transfer letters will include a list of all equipment, including each asset’s manufacturer, model number, serial number, purchase price, acquisition year, and a brief description of the equipment as well as a transfer of title (if necessary), a statement of condition (As Is), a release from all liability for the equipment and any compensation requirements.
- Transfer agreements must be signed by someone with signature authority for the University and copies must be sent to all responsible parties.
- If Boston University is being reimbursed by the receiving institution, please work with the Miscellaneous Receivables department to send an invoice for the equipment.
- Send the final transfer agreement, including full equipment list, to Property Management so that the assets may be officially disposed.
Transfers from other Institutions (Incoming)
All equipment that meets the capitalization criteria 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. The criteria for transfer of equipment to Boston University is as follows:
- If transferring at a cost to BU, a purchase requisition/order must be submitted and items that meet capitalization charged as moveable capital equipment, GL 571400
- If transferring at no cost to BU, Property Management must be provided with the transfer agreement and a list of all equipment involved. The list must contain each asset’s manufacturer, model number, serial number, purchase price, acquisition year, and a brief description of the equipment.
Documentation of this information is required for the equipment to be covered by the University’s insurance policy.