Retiring Property

When university personal property is no longer needed, departments are responsible for following U-M SPG 520.01 Acquisition, Use and Disposition of Property (Exclusive of Real Property). All disposals or sales of university personal property and scrap material are handled through Property Disposition.

Financial Operation’s policy states that personal property will only be retired in the Asset Management system when it has been sold, transferred to another institution, destroyed or scrapped. Supporting documentation is required for any addition or deletion of university personal property in the Asset Management system.

The following guidelines must be followed when research equipment is being sold/transferred to another institution:

  • Written approval for the sale of research equipment must be submitted by the department chair, unit head, dean, or director

  • Property Disposition will handle all matters concerning the sale of university personal property

  • Full payment must be received before the property is physically removed from university space

  • The purchaser must provide a contact name, address, phone number, email, and fax number, and must sign/return the proper documents

  • The final decision to sell rests with the executive vice president and chief financial officer

    Disposing of or transferring Hospital assets requires additional consideration. See Guidelines for Hospital Assets.