Departments and equipment custodians are responsible for executing the sale of capital equipment.
Property Management can assist with establishing title and official disposition. Below is an overview of the sale process as a reference. Each sale is unique and may require additional steps.
Guidelines for selling of capital Equipment:
Step 1: Establish who has title to the equipment
a. Reach out to Property Management to begin the title search.
b. May need to work with the Office of Sponsored Programs on grant terms.
Step 2: Get departmental approval
a. Sensitive moveable capital equipment may not be sold or transferred without all appropriate
approvals and authorizations.
b. Complete, sign, & return Moveable Capital Equipment Management Form to Property Management.
*Please Note: The Moveable Capital Equipment form must be downloaded to your computer and opened through the downloaded Adobe File on your computer to enable the fillable sections and electronic signature*
Step 3: Establish the fair market value of the equipment
a. Work with Sourcing.
Step 4: Consider the equipment removal process & costs
a. Contact Environmental Health & Safety for guidance on 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://www.bu.edu/cpo/who-we-are/operations-services/
Step 5: 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
Step 6: Donations
a. Work with the Office of General Council to obtain a donation letter.
Step 7: Work with Buyer on a Bill of Sale
a. Standard Bill of sale requires the following information: (provide link to sample)
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. Bill of Sale must be signed by a University Officer with signature authority http://www.bu.edu/researchsupport/contact/signature-authority/
c. Vehicles sales are processed with our fleet management company, ARI (2020). Titles must be signed by the University Treasurer (Office of Financial Affairs).
Step 8: Arrange Payment
a. Payment must be in US dollars and made payable to Trustees of Boston University.
b. Notify Financial Affairs Treasury Operations regarding incoming payment. http://www.bu.edu/cfo/treasury-management/treasury-operationscash-management/