When an asset is permanently given or sold to another University department, a Transfer Request must be submitted through the Asset Management Module. Asset as used in this context denotes only those that have been capitalized. Non-capitalized asset transfers are the responsibility of the college/department and are not processed by Asset Management.
Prior to the surplus of any University property, please review REG 07.40.01 – Disposal of University Property to ensure compliance with University policies. Guidelines are available per Uniform Guidance for Property Disposition.
There are two types of internal transfers:
- Change in the Custodian Department.
- Change in the financial records as to the department purchasing the asset.
Both types of transfers require a Transfer Request by the Departmental AM Coordinator and a Transfer Approval by the receiving department. In addition to an Asset Transfer, a Journal Voucher or Interdepartmental Transaction (IDT) is required to move the cost of an asset between departments.
- Asset Transfer Request is initiated in the Asset Management Module by the AM Coordinator assigned with inventory responsibility of the asset (Custodial).
- Asset Transfer Approval is the result of the receiving AM Coordinator assigning a new location to the asset and accepting the transfer request.
The Asset Management and Surplus Manual outlines step-by-step instructions for this action.
The following video demonstrates the asset transfer process: