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Acquisition of Equipment – Trade-In

Included on this page:

• Definition
• Procedure
• Forms Required
• Frequently Asked Questions
• Regulations
• Contacts

Definition

Trade-In  –  A purchase of equipment is considered a trade in when one or more pieces of existing equipment are given to the vendor for a specified dollar amount discount. If the total cost of the new purchase (paid amount plus discount amount) is $2,000 or more, the new purchase must be tagged and inventoried.

Procedure

• Department works with the vendor to determine which existing equipment will be part of the trade in and how much money the vendor will assign to the trade-in assets.

Note:  If the vendor is willing to take the items but is not giving the University a discount, this is a Return To Vendor, No Credit.  Please refer to Equipment Disposals, Return to Vendor.

• When entering the order on PAS or eProcurement, department lists the full trade-in value in the Item Description or Comments.  This provides the necessary audit trail.

• Department completes a Property Activity Request - Form 1024 to properly dispose of the equipment item(s) that were returned to the vendor.  Please be sure to do the following:

• Check Section C and "Trade-In" 
• Enter the new purchase order number in the line provided.  Please refer to Equipment Disposals, Return to Vendor.

• Within 24 hours of receipt, department tags asset and enters it into OASIS as a "T" status asset.  Information to be entered should include:

• UW Tag Number (contact your departmental inventory person)
• Description
• Manufacturer
• Model
• Serial Number
• Custodian/User
• Building
• Wing
• Room Number
• Status (enter T)
• Requisition Number (enter PAS or EP purchase order #)
• Accountable Budget
• Total Cost
• Class Code
• Date Received
• Acquisition Method (enter - PO for PAS or EP for eProcurement)

• Department notifies Equipment Inventory with an "EIO Note" in OASIS or by email to eio@u.washington.edu that this purchase is a trade-in and provide the asset number and purchase order number of the new asset. 

Note:  It is important for Equipment Inventory to capture the trade-in amount and apply it to the new asset.  Since PAS and eProcurement can only report on actual payments made (not the additional trade-in amount), Equipment Inventory relies on the department for notification about new purchases involving trade-in values.

• Equipment Inventory reviews the OASIS entry for complete information and approves the asset.

Forms Required

• Property Activity Request - Form 1024 

• Optional - UW Equipment Information (Orange) Card

Frequently Asked Questions

For frequently asked questions related to this topic, please visit our FAQ page.

Regulations

State Administrative and Accounting Manual (SAAM), Chapter 30: Capital Assets

University of Washington Administrative Policy Statements:

• Section 50 – Services 
• Section 60 – Equipment Inventory 

Federal Regulations:

• OMB Circular A-110
• OMB Circular A-21
• Federal Acquisitions Register 

Contacts

State/University Titled Equipment:    206-543-4663 or eio@u.washington.edu
Federally Titled Equipment:              206-543-4640 or 206-616-4047