Property Transfer
Interdepartmental Transfer or Sale
Property that is no longer of use to a department should usually be disposed in accordance with the Disposal Procedures defined elsewhere in this document. In some cases, before an item is listed in the Rice Classifieds, another department is identified that wishes to use the equipment. Responsibility for the property may be transferred to that department at no cost or sold to that department at an agreed upon price.
If transferred, Property Accounting must be notified by email or memo by the department relinquishing control of the property. The department accepting control of the property should complete a Property Control Registration (PCR) form and submit it to Property Accounting.
If sold, in addition to notifying Property Accounting and completing a new PCR, the department selling the property should initiate an Interdepartmental Transfer (IDT) for the transfer of the amount of the purchase price. Additional information about IDTs is available here: Internal Transfer, see Interdepartmental Transfer (IDT).
Once Property Accounting has received copies of the required forms, they will determine whether the property remains a capital asset eligible for tagging and covered by the biennial inventory process. If so, a copy of the submitted PCR will be returned with a new white asset tag, which should be affixed to the property as soon as possible. If it is determined that the property is not a capital asset, a copy of the PCR will be returned with the notation “Not a Capital Asset” and a new red property control tag will be provided. Property Accounting encourages departments to place property control tags on property which is controlled by the department but which is not a capital asset and not eligible for the biennial inventory.
Transfer of Equipment with an Incoming Professor
When an incoming faculty member transfers equipment from their previous university, the following actions are required (see also Policy 331):
- Complete the Transferred Property Form and send it to Property Accounting with the required documentation (described below).
- Complete a Property Control Registration Form for each piece of equipment.
- Provide a copy of the approval(s) to transfer equipment from the previous institution.
- Provide documentation of original acquisition date and cost of each piece of equipment. This allows Property Accounting to determine whether the items meet Rice's capitalization threshold. If documentation of the original purchasing information is not available, this information (based on the transferring institution’s records) must be provided on the Transferred Property Form. In this case, Property Accounting or another authorized official of the transferring institution must sign the form.
- If any of these equipment items are part of a fabrication that is new to Rice, complete a Fabrication Form. If they are part of an existing fabrication, provide the fund number.
- If any Rice Purchase Order(s) or invoice(s) payable to Rice have been created or paid in association with this transfer, provide a copy of each.
Note: if the previous institution is being paid as a condition of this transfer, provide a copy of the agreement or a written description of the agreement, and the current status of payments.