Ownership Change

Purpose

This document describes the tagging and database changes that need to be made when ownership of property is changed.

Background

Change in ownership can occur at any time. At the termination of a project, ownership does frequently change as sponsors often transfer title of property to extend their support of a particular research project. According to A-110 guidelines, at project termination the Research Foundation (RF) may also purchase a sponsor's equipment. In either case, title vesting may change to Research Foundation ownership. This results in a need for decal and database modification.

Property title may be transferred to the state by the Research Foundation for a variety of reasons. This title transfer also requires decal and database change.

Procedure

The following procedure is used for changing ownership:

Step

Action

1

Using the asset number for the property, retrieve the PCS record and change the SURF Ownership code.

2

Sponsor decals should be removed when the sponsor transfers title to the Research Foundation. If the Research Foundation is transferring ownership to the state, the RF decal should be removed and a state decal should be applied to the equipment.

3

For sponsor owned property that is being transferred, the transfer of title must be approved by the sponsor and the change must be documented in the property section of the sponsor's account file.

Responsibilities

Operating Locations

The RF operations manager is responsible for ensuring that

 

 

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