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Sample Invoice for Selling a Piece of Property - DOC

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					                     General Guidelines for Asset Management
Property purchased by or given to Ohio State University remains the property of Ohio State University until it is time
to dispose of the equipment. Careful records should be maintained for all property of the University.

Depending on the purchase cost, equipment is classified as either capitalized or non-capitalized. Capitalized
equipment items have an acquisition cost of $3000 or more. If an item is made up of separate pieces that together
form a logical unit, the total cost of the pieces determines the classification. In other words, if the costs of the
pieces add up to more than $3000, the overall unit is considered capitalized equipment. For example:

         Copiers, word processors, motor vehicles, and office furniture are examples of typical capitalized
          equipment items.

         Calculators, computers, and overhead projectors are examples of typical non-capitalized equipment items.

         Capitalized items are tagged by the University and recorded in the Equipment Inventory data base. Non-
          capitalized items are not tagged; it is the Department's responsibility to maintain records on these items. A
          sample Non-Capitalized Equipment Log can be found on the Business Office Web site.
          http://osuebusiness.ag.ohio-state.edu

           All movable equipment assigned to a department is the responsibility of the Department Director.

           The private use of University equipment is prohibited.

         The University assumes no responsibility for personal property brought onto University office space, even if
          the equipment is used for a University purpose.

         Use of University property off campus or out of the field office must be approved in writing by the
          Department Director. A Permission to Use Equipment Off-Campus Form must be completed and sent to
          OSU Extension Human Resources. This form can be found on the HR Web site. http://hr.ag.ohio-state.edu/

         Directors are responsible for the identification and disposal of items that are surplus to Extension needs or
          that are no longer usable. Instructions on proper disposal are listed below.

         University Police must be notified whenever a piece of equipment is missing. A county sheriff or police
          must be notified of occurrences in field offices.

         All equipment gifts to the University must be acknowledged and recorded by the Office of University
          Development.

           Note: Excluding relocation of property within a department, all status changes for research equipment
                  must be approved by the Research Foundation.




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Capitalized Property
For Capitalized items (those items with a purchase price of over $3,000) tracking is done in the PeopleSoft system.
At the time of purchase the Delegated Buyer for your area receives pertinent information from the ordering
department, including but not limited to name of custodian, location of item, make and model of item, and serial
number for item. This information is put in the Asset Management module of the financials system and is tracked
yearly using the Annual Report on Physical Inventory. Acquisition of capitalized items can ONLY occur using a
University Purchase Order.

Annually your office should:
      Review the Annual Report for Physical Inventory. You should check for:
           o The location of the asset.
           o The condition of the asset.
           o The custodian or person responsible for the asset.
           o The asset’s tag number. Is your equipment tagged? This is very important!
      Complete and sign the report and return to the Business Office. (The form must be completed and
       returned even if there are no changes to report.) The Director is responsible for the accurate and timely
       completion of the audit.
      Complete forms to transfer equipment, dispose of equipment or document a gift throughout the year as
       needed. Asset Management Forms can be found at the Controller’s Web site: http://www.ctlr.ohio-
       state.edu/equipment/equip.shtm#form


Non-Capitalized Property
For Non-Capitalized items (those items with a purchase price of less than $3,000) tracking is done in the
Department. Records for movable equipment which originally cost between $1 and $3000 should be maintained by
the using department. The record keeping for these items need not be extensive; a simple listing of the items, their
serial and model numbers, and their purchase cost and date will suffice. A sample Non-Capitalized Equipment Log
can be found on the Business Office Web site. http://osuebusiness.ag.ohio-state.edu. Instructions for disposing
Non-Capital property is listed below.

Annually your office should:
      Review the Non-Capitalized Equipment Log. You should check for:
           o The location of the asset.
           o The condition of the asset.
           o The accuracy of the Log. This is very important!
      Print the log and have the Director sign that it was reviewed. Put this in an Inventory file.
      Complete forms to transfer equipment, dispose of equipment or document a gift throughout the year as
       needed. Asset Management Forms can be found at the Controller’s Web site: http://www.ctlr.ohio-
       state.edu/equipment/equip.shtm#form and at the Business Office Web site: http://osuebusiness.ag.ohio-
       state.edu

Portable Property
Movable equipment which originally cost between $50 and $3000 that are susceptible to theft should be maintained
by the using department. A Permission to use Off Campus Form must be on file in the Department and in OSU
Extension Human Resources for those individuals who take equipment Off-site. Typical items include; laptops,
projectors, University provided cellular phones, PDA’s and other portable devices. The form can be found on the
OSU Extension Human Resources Web site: http://hr.ag.ohio-state.edu/

          Questions should be directed to your Business Office Representative.
                                                   http://osuebusiness.ag.ohio-state.edu

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Disposing of Office Equipment
Instructions

A. Are you on an OSU Campus?
          Yes – Please contact your Business Office Representative for help disposing old equipment.
          No – Please proceed to next question.

B. Is it a capital asset? (Over $3000 purchase price)
          YES, Work with your Business Office Representative to dispose of items.
          NOT SURE? Contact your Business Office Representative.
          NO, Options for disposing equipment are listed below.


1. Selling
To avoid the appearance of impropriety it is not encouraged to sell items to OSU employees from your own office.

Step 1: Find out an estimated value of the item. Check on the internet to compare items that are being sold
elsewhere, check newspapers and book resources that give guidance on the value of items. Copy and print findings
for records.
Step 2: Place an advertisement in a public place. Examples could be newspaper advertisements and public bulletin
boards at local companies such as the grocery store. Place the ad for at least two weeks.
        *If no one offers to purchase the item(s), the item(s) can be sold to an OSU employee.
Step 3: Check to make sure the equipment is completely “clean” and has no identifying data that could trace it back
to OSU Extension. Remove inventory tags, remove phone numbers and saved files, etc.
Step 4: Money should be collected from the buyer.
Step 5: Transfer equipment to buyer
Step 6: Complete the OSUE Equipment Disposal Record and mail to the Business Office
Step 7: File with the deposit record:
        o A copy of the buyer’s check or money order
        o A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter
             stating approximately when the item was purchased, how much it cost and what was the funding
             source that paid for it)
        o A copy of the estimate you obtained for the value of the item.
        o A copy of the advertisement posted and the dates which it was posted
        o A copy of the OSUE Equipment Disposal Record
Step 8: Copy all of step 6 and file in your inventory records.




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2. Donating
Equipment may be donated to not for profit organizations that refurbish or sell items. Examples of this could be local
women’s shelters or County Commissioners auctions.

Step 1: Find an estimated value of the item. Check on the internet to compare items that are being sold elsewhere,
check newspapers and book resources that give guidance on the value of items.
Step 2: Obtain the Organization’s IRS Form W-9 or non-profit letter.
        *Blank W-9 forms can be found on the IRS Web site. http://www.irs.gov/
Step 3: Check to make sure the equipment is completely “clean” and has not identifying data that could trace it
back to OSU Extension. Remove inventory tags, remove phone numbers and saved files, etc.
Step 4: Give the equipment to the organization you have chosen.

Step 5: Obtain a letter from the organization you have chosen that states they have received the donated
equipment from you on their letterhead with the date of transfer.

Step 6: Complete the Equipment Disposal Record and mail to the Business Office
Step 7: File in your inventory records:
        o A copy of the organization’s letter
        o A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter
             stating approximately when the item was purchased, how much it cost and what was the funding
             source that paid for it)
        o A copy of the estimate you obtained for the value of the item.
        o The completed IRS Form W-9
        o A copy of the OSUE Equipment Disposal Record

3. Trash
When equipment has little or no value you may dispose of the equipment locally.

Step 1: Find out an estimated value of the item. Check on the internet to compare items that are being sold
elsewhere, check newspapers and book resources that give guidance on the value of items.
Step 2: Check to make sure the equipment is completely “clean” and has not identifying data that could trace it
back to OSU Extension. Remove inventory tags, remove phone numbers and saved files, etc.
Step 3: Dispose of equipment according to your county or city requirements
Step 4: Complete the Equipment Disposal Record and mail to the Business Office
Step 5: File in your inventory files:
        o A copy of the receipt from the location where you disposed of the equipment (if applicable)
        o A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter
             stating approximately when the item was purchased, how much it cost and what was the funding
             source that paid for it)
        o A copy of the estimate you obtained for the value of the item.
        o A note from your office detailing, 1. How you disposed of the item, 2. What date you disposed of the
             item
        o A copy of the OSUE Equipment Disposal Record

4. OSU Surplus -                   Step 1: Work with your Business Office Representative to dispose of items.



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                                   OSU Extension Equipment Disposal Record
                                   This form should be completed for the disposal of non-capital, off-campus assets.
                                            Send to the Business Office and retain a copy for your records.

Office Information:
 ORG
                                 Office Name                                        Office Contact Name                         Office Contact E-mail
Number



Information on Item to disposed: (please only one item per form)
                                                                           Original
                                                                                                Estimated      Date of                      Model Number /
                  Item Description                                        Purchase
                                                                                                  Value       Disposal                      Serial Number
                                                                            Price




How did you dispose of the equipment? (Please check one box below)
                             Amount                   Did you post a
 SOLD                                                                                                                   BUYER
                             Received              public advertisement?


Did you file in your inventory records the following items?                                                     - Yes _________
             o     A copy of the buyer’s check or money order
             o     A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter stating approximately
                   when the item was purchased, how much it cost and what was the funding source that paid for it)
             o     A copy of the estimate you obtained for the value of the item.
             o     A copy of the advertisement posted and the dates which it was posted
             o     A copy of this form

 DONATED                                                                        Organization Name (donated to)

Did you file in your
inventory records the following items?                                                 - Yes _________
             o     A copy of the organization’s acceptance letter
             o     A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter stating approximately
                   when the item was purchased, how much it cost and what was the funding source that paid for it)
             o     A copy of the estimate you obtained for the value of the item.
             o     The completed IRS Form W-9
             o     A copy of this form

 TRASHED                                       How did you dispose of asset? (co. dump, trash can, etc.)


Did you file in your inventory records the following items?                                                 - Yes _________
             o     A copy of the receipt from the location where you disposed of the equipment (if applicable)
             o     A copy of the original invoice that purchased the equipment (if you can’t find this, generate a letter stating approximately
                   when the item was purchased, how much it cost and what was the funding source that paid for it)
             o     A copy of the estimate you obtained for the value of the item.
             o     A note from your office detailing, 1. How you disposed of the item, 2. What date you disposed of the item
             o     A copy of this form
 OSU SURPLUS - Please work with your Business Office Representative for proper disposal instructions.
_______________________________________________________________________________________________________     _____________________________________________________

County Director Signature                                                                                   Date of Signature
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