Keyword Search

Traded-in

    • Last Updated: 05/27/2016
    • Effective Date:

    Policy Statement
    The University of Georgia is required by the Board of Regents of the University System of Georgia and state and federal regulations to inventory and track moveable assets.  Assets are acquired from a variety of sources and must be used for institutional purposes and they must be disposed of in accordance to state guidelines. The Department of Administrative Services defines surplus property as “any item that is non-consumable and non-expendable that is no longer needed”.  These items may or may not be inventoried by the University of Georgia.  There are several options for disposing of state property.
    Reason for policy

    Ensure all UGA assets are disposed of properly.

    Procedures
    An item to be traded-in must be listed on the purchase request for the new replacement item.  The inventory identification number, description and serial number of the item traded must be listed along with the trade-in allowance.  The Property Control Office will remove the traded item when payment is made on the replacement item. (See the Procurement section for more information on trade-ins).
    Forms/Instructions

    All Property Control Forms can be found at the following site: http://www.busfin.uga.edu/forms/

    Additional contacts

    Property Control Office, 706-542-4390, property@uga.edu

    Responsibilities

    Responsible University Senior Administrator:Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President & Controller

    Policy Owner:UGA Property Control

    Policy Contact:Craig Mathews

    Phone Number: 706-542-4390

    Record Retention

    For all assets all documentation should be retained for 5 years after disposition of equipment. [0472-01-005]

    FAQs

    What kind of information and/or documents does the Property Control Office need to remove from the inventory an old item which was traded in for a new item?

    The University of Georgia permits the trade-in of equipment for the purchase (not the leasing) of like items, i.e., lab equipment for lab equipment, etc.  Trade-ins must be handled through the Procurement Department.  For details see the Procurement Trade-In Procedure.