Gains and Losses on Sale of Equipment


This document describes procedures for selling fixed assets and how the campus should record the proceeds.

Sale of Fixed Assets

Operating locations may decide to sell equipment. If the asset is sponsor owned, the campus should review the sponsor guidelines and ensure that sponsor rules and regulations are followed. The campus should also obtain written approval from the sponsor prior to the sale of the asset. (See also Property Disposition Procedures at Project Termination)

Obtaining Approval for Sale of Assets

The principal investigator (PI) must fill out the Status Change Request Form (F110), or a location designed equivalent, to indicate the desire to sell an asset and to obtain the appropriate approvals.

Retiring records from PCS

Upon receiving payment for sale of an asset, the campus can retire the property from active status on PCs by changing the property status code to "S". The campus should also print a copy of the asset from the asset inquiry screen in PCs If the asset was insured, the campus should notify the RF Office of General Counsel Services to discontinue coverage.

Recording Proceeds to Oracle

Campuses can apply proceeds from the sale of an asset to an existing award or establish a separate award.

Following are the applicable award setup elements for posting proceeds from the sale of assets:

Award Element


Funding Source Name

Purchaser of equipment,


If establishing a composite award for recording proceeds from sales of equipment use "Multiple Funding."

Award Type


Award Purpose

Nonsponsored Income


It is recommended that the NACUBO code of General Institutional Support is used.

Project NACUBO

Should be coded based on how the campus anticipates spending the funding.

Burden Schedule/Rate

TDC Zero/0.00

Note: F and A rates can be applied via a rate or through a manual calculation.

Billing Distribution Rule/Revenue Distribution Rule



Equal to the cash received from the sale of the asset.

Note: For equipment trade-ins, refer to SUNY Construction Fund PCs General Memo # 77

Notifying Central Office

OMB Circular A-21 specifies that gains and losses on disposition of depreciable property be included as credits or charges in the year in which they occur. When a campus sells property, it is required to notify Central Office to ensure that it is properly recorded in the RF financial statements and the campus facilities and administrative cost proposal.

To ensure that the proceeds received from the sale are properly reported, the campus must send or fax the following items to the RF assistant vice president of finance:


The RF operations manager is responsible for ensuring that:

Change History



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