Property Management Policy & Procedure Manual
Section 805: Transfer of Equipment
Effective: 07/01/1971
Revised: 03/17/2017

 

OSU owned capital equipment (title code SI) may be transferred to other OSU departments with or without an accompanying financial transaction. The transferring department must notify Fixed Assets Property Management of the proposed transfer and complete a Fixed Asset Transfer Form (FATF).

Transfer Between Departments without a Financial Transaction

Responsible Party Action
Transferring Department
  1. Complete the "FROM" section on the Fixed Assets Transfer Form (FATF) and enter requestor name.
     
  2. Complete the "TO" section of the FATF for the Receiving Org and enter the receiver name.
     
  3. Send a copy of the FATF to Fixed Assets Property Management.
Receiving Department
  1. Verify that equipment has been received.
Fixed Assets Property Management
  1. Confirm agreement of transfer by both departments (via email response).
     
  2. Update the asset record to reflect the new inventory ownership.

Transfer Between Departments with a Financial Transaction

Responsible Party Action
Transferring Department
  1. Complete the "FROM" section and the requestor name on the Fixed Assets Transfer Form (FATF).
     
  2. Complete a Journal Voucher (JV) in Banner FIS to charge the “purchasing” department for the amount of sale using account code 20200 on both the debit and credit lines.  JV number should be noted on FATF.
     
  3. Send original FATF, copy of JV and equipment to Inventory Coordinator or departmental contact in receiving department.
     
  4. Send a copy of the FATF to Fixed Assets Property Management.
Receiving Department
  1. Verify that equipment has been received.
     
  2. Complete the "TO" section of the FATF as receiver.
     
  3. Submit original FATF to Fixed Assets Property Management.
Fixed Assets Property Management
  1. Update the asset record to reflect the new inventory ownership.