Sell Equipment

Surplus University moveable capital equipment may only be sold to outside parties with the written permission of the dean, department chair, or unit head of the school. The sale of any moveable capital equipment must be accompanied by an authorized bill of sale indicating the buyer, seller, date, and equipment profile (including model and serial numbers).

Moveable Capital Equipment is a university asset and therefore requires a legal sale document to transfer ownership and liability from BU to the new owner. All moveable capital equipment is sold in an “as is” condition with no further obligation to Boston University.

Property Management and Department Administrators are responsible for executing the sale of capital equipment.

Property Management assists with establishing title (BU must have title to the equipment to execute a sale), providing book value, managing the bill of sale and official disposition.

Departments work with the buyer to negotiate the sale price, equipment removal and any other necessary arrangements.

Below is an overview of the sale process as a reference. Each sale is unique and may require additional steps.

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

2. Establish who has title to the equipment

     a. Work with Property Management to begin the title search.

     b. May need to work with the Office of Sponsored Programs on award terms.

3. Get departmental approval

     a. Moveable capital equipment may not be sold or transferred without all appropriate approvals and authorizations.

4. Establish fair value of the equipment

Equipment value depends on a variety of factors. The department is responsible for negotiating the sale price, which starts with the book value and considers other factors such as:
     a. condition of the equipment
     b. fair market value (inquire with equipment resale vendors)
     c. equipment removal process & costs

5. Plan for physical removal

   a. Contact Environmental health & Safety for decontamination  http://www.bu.edu/ehs/

   b. Contact IS&T Information Security for guidance on compliance with University Data Protection Policies.          https://www.bu.edu/tech/support/information-security/ 

   c. Contact Campus Planning & Operations (Facilities) for issues pertaining to physical removal. http:/http://www.bu.edu/cpo/who-we-are/operations-services/

6. Find a Buyer
     a. Equipment sales to individual BU employees are prohibited
     b. Buyers may be vetted by the University. (provide contact reference)
     c. The Office of Export control will need to review sales to entities outside the USA. http://www.bu.edu/researchsupport/compliance/export-control/#main-tab

7. Work with Buyer the terms of the sale
     a. Standard Bill of sale requires the following information
        i. school and/or department selling item
        ii. equipment description, model & serial numbers (list if multiple items)
        iii. sale price
        iv. any terms of sale/removal
        v. buyer’s name
        vi. buyer’s company name and address

     b. 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.

    c. Vehicles sales are processed with our fleet management company, Holman(2020).
    d. For vehicles not managed by Holman, titles must be included with the bill of sale.

8. Arrange Payment
Payment must be in US dollars and made payable to Trustees of Boston University. Once s bill of sale is signed by both parties, the payment process begins with either a check from or a Purchase Order from the buyer.
If a PO is received from the buyer, please contact Miscellaneous Receivables to generate an invoice.
http://www.bu.edu/cfo/controller/departments/rfo/miscellaneous receivables/
b. Notify Financial Affairs Treasury Operations regarding incoming payment. http://www.bu.edu/cfo/treasury-management/treasury-operationscash-management/

9. Direct Sale Proceeds

The deposit of  Sale proceeds is determined by the original funding source of the equipment.

     a. Restricted Funds (e.g. endowment, gift, faculty start up account)

•       100% return to the original funding source

      b. Departmental Funds (e.g. non-sponsored, discretionary accounts)

• Net proceeds of < $10,000 remain with the department
• Net proceeds => $10,000 remains with the department at the discretion of the School or Provost

     c. Sponsored Research Funds

• Follow the sponsor’s rules; if that sponsor allows the sale without return of proceeds, the proceeds should remain with the PI, or if the PI is no longer with the University, should go to a VP research fund to support research cost sharing/under-recovery.