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Frequently Asked Questions

What is a Fixed Asset? What is Equipment?

This form is to be used only for equipment and those capitalized fixed assets categorized as personal property (not real property). For information about asset categorization, see the Fixed Asset Management Policy. In general, a fixed asset is capitalized if it has an acquisition value of $5,000 or greater and an expected use useful life of two years or more.

An item is considered equipment if it has an original acquisition value of $100 or more, a projected useful life of a year or more, and is not consumed through use (in contrast to supplies).

How do I Assess an Item's Condition?

What happens after the form is submitted?

Once the form has been submitted, Procurement Services will call or email the department contact to make arrangements for the removal of the item(s).

How are items disposed of?

Procurement Services will determine the appropriate method of disposal based on the

Item's nature, condition, and estimated value. Common methods of disposal include:

* Redeploy – The item is reassigned to another area of need within the University
* Salvage – The item is sold via either an:

*Internal Sale , whereby the item is made available for purchase by faculty, staff, and/or students at a price and in a manner determined appropriate by Procurement Services. See DePaul University Salvage Store
*External Sale , in which an individual or organization not affiliated with DePaul purchases the item via DePaul University Salvage Store, public sale, or other liquidation process.
*Donation - The item is provided as a gift to an appropriate not-for-profit, charitable organization.
*Discard - The item is scrapped or recycled in a manner compliant with local, state, and federal guidelines

Can I dispose of the item myself?

Departments are not at liberty to salvage, donate, or discard equipment or assets without the prior authorization of Procurement Services. Inappropriate methods of disposal include:

• Placing items in the trash
• Taking equipment or assets home for personal use
• Giving items to students or faculty or staff members
• Donating equipment or assets without appropriate approval
• Selling equipment to faculty, staff, or students without appropriate approval

If you prefer a particular method of disposal (e.g. donation to a specific charity), please provide details in the Department Comments section. Such requests are subject to the approval of Procurement Services.

If an item is sold, where does the money go?

Proceeds from the sale of salvage items are returned to the university through centrally managed funds. Departments do not receive fund for these items.

Where can I find out more or have a specific question answered?

* The salvage section of the Procurement Services website
* The Equipment & Fixed Asset Disposal policy
* By contacting Procurement Services at x2-7510 or procurement@depaul.edu