Property Accounting

Inventory Transfer

For the purposes of property and equipment control, the term “Transfer” can apply to:

1. Change in the Rice University organization that is responsible for the item or;
2. Change in the title or ownership of items coming to Rice from another organization with a new faculty member or leaving Rice to another organization with an exiting faculty member.

Because a transfer of control between Rice organizations is an acquisition by the organization taking control, these procedures are shown in the Property Transfer guidelines and procedures under Interdepartmental Transfer or Sale section.

Because a transfer of title or ownership of items coming to Rice with a new faculty member is an acquisition by Rice, these procedures are shown in thee Property Transfer guidelines and procedures under Transfer of Equipment with an Incoming Professor on above.

When transfers occur because a professor is leaving Rice and wishes to transfer the title of Rice-owned equipment, the following actions are required:

• The Department Chair or Dean must provide a memorandum to the Vice President of Finance (VPF) stating that the transfer is appropriate, the reason(s) why it is appropriate, that the equipment is not required at Rice for other research and that any expected payment is fair to Rice University. This memorandum must be accompanied by an invoice and bill of sale for the equipment and a Transfer of Title for Exiting Professors Form (PDF) listing the equipment to be transferred.
• A copy of the memorandum, invoice, bill of sale and form must be submitted to Property Accounting for review.
• Property Accounting will review the documents to ensure that Rice holds clear title to the equipment and that the expected payment amount is reasonable in relation to the net depreciated value of the asset(s). Property Accounting will inform the VPF and department of the results of that review. If Rice does not hold clear title to any of the items in question, Property Accounting will work with Research and Cost Accounting, the Office of Sponsored Research and the department to attempt to resolve the issues and obtain clear title. If title cannot be obtained, the department will be informed that the item(s) may not be transferred. Title to equipment may not be transferred until all issues are resolved.
• Once the VPF approves, all original documents with appropriate signature, are returned to the originating office, and copies are sent to Property Accounting.
• After receiving the signed documents, the originating official is responsible for sending the invoice for payment and coordinating the removal of the equipment from Rice.
• For items purchased using grant funds, the proceeds of the sale must be deposited into the grant(s) used to purchase the equipment, if still open. For items purchased using University funds, the organization that provided the funds designates where the proceeds are deposited.