Returning University Assets When Employment Ends

Any asset purchased by the University remains the property of the University until the University disposes of it in accordance with policy. When University funds are used to purchase an asset, the asset belongs to the University, including assets purchased from research accounts, general operating accounts, accountable professional expense accounts, trust accounts, capital accounts or any other source of University funds, unless purchased with funds where the contract states the assets are owned by the funding agency.

As part of an employee’s academic or administrative appointment, University assets are under the care and control of the employee in order to perform their required duties.  Common examples include:

• Furniture and equipment provided by the faculty or department in the individual’s office or workspace such as desk, chair, computer, electronic devices, phone, etc.
• Furniture and equipment purchased with the employee’s accountable professional expense account which may be located at the University, at the employee’s residence or other location.
• Furniture and equipment provided by the faculty or department or purchased with research funds to perform research on campus or off campus.

When employment with the University ends, the care and custody of all assets in the employee’s possession must remain at or be returned to the University.  Assets purchased from University funds of any type, regardless if some personal money was used, belong to the University.  Exceptions are as follows:

1.  Assets purchased with operating funds

If an employee wishes to have possession of any University asset purchased with operating funds, the employee may request from the Dean, Director, or equivalent permission to purchase such asset at fair market value.  The Dean, Director or equivalent will determine if it is in the best interests of the University to sell the asset.

If the University agrees to sell the asset, the individual will arrange to have the asset appraised for fair market value through Supply Management Services.  Supply Management Services will notify Financial Services of the assets disposed, and will provide the proceeds to Financial Services to be deposited to the credit of the faculty or department.

2.  Assets purchased with research funds

Assets purchased with research funds are treated the same as in point 1 above with the additional provision that the removal of any asset from the University must also receive approval from the Vice-President (Research). Assets may be transferred to another educational institution for the individual to continue his/her/their research if required by the granting agency or as approved by the Vice-President (Research).

3.  Assets purchased with funds from accountable professional expense accounts (APEA)

See EMP-060-005 – Accountable Professional Expense Accounts (APEAs).

4.  Computer Assets

All computer-related assets being sold or transferred by the University must be properly decommissioned in accordance with the policy OPS-010-045 Management of Assets to protect the University from violation of software licensing agreements or leakages of confidential or sensitive data.

• OPS-010-045 Management of Assets
• EMP-060-005 Accountable Professional Expense Accounts (APEAs)
• Employee Departures Workflow (requires employee login to URSource)
• University Data Sanitization - Personal Sale of Computer(s) Form (requires employee login to URSource)