Each year administration allocates equipment money to various cost centers of the university to fund the purchase of equipment. When equipment no longer meets the cost center’s use or it has become worthless, the associate vice president for Financial Administration should be contacted before any disposition takes place. It is the desire of administration to reassign unused equipment to a cost center that could use it.
The proceeds from the sale of used equipment will first satisfy the remaining un-depreciated book value of the piece sold. Any sale proceeds remaining will be redistributed by administration. The net proceeds of an equipment sale does not automatically revert to the cost center for which funding was originally assigned, but a request from that cost center for purchase of new equipment will be seriously considered.