Iowa State University

Financial Accounting & Reporting
Home >  Surplus Inventory/ARP

The Asset Recovery Program (ARP) is the system implemented by the University to allow excess equipment with a resale value of greater than $100 to be sold. It allows university departments the opportunity to dispose of items that they no longer need. Items are first made available to other departments. After 3 weeks, the items are made available to the public at a weekly sale in the Purchasing Warehouse. This is the only legitimate method of releasing equipment for resale. Funds from ARP sales can be deposited into either an ARP account (202-91-XX through 202-92-XX) or a Residual account (290-xx-xx). Funds may later be moved out of ARP accounts to other university accounts, except agency funds. Please note that deficit balances are not allowed in ARP accounts.

To Sell Equipment

  1. Departments should contact ISU Surplus(1102 Southern Hills Park Drive, 292-8092)to obtain an ARP form and then return the completed form to ISU Surplus. The ISU Surplus office charges a handling fee of 15% of the sales price or $25, which ever is less, on all sales made through ARP.
  2. The Inventory Office will coordinate the move of the item or items to the warehouse.
  3. When an item is sold through the ARP system, the money can be transferred to either the seller's ARP account (202-91-XX or 202-92-XX) or into any departmental residual account. Receipts from ARP sales may not be directly deposited into any other University accounts.

To Disburse ARP Funds

  1. Funds in ARP accounts may be used to purchase used equipment from the Asset Recovery Program, or they may be transferred to discretionary accounts.
  2. Exceptions:


    3. If the equipment was originally purchased from a Sponsored Programs (4XX) account and we are notified of this, we could process a Revenue & Expense Transfer (RET) to transfer the funds back to the 4XX account. The RET must be routed through Sponsored Programs Accounting, 3609 ASB, for approval.

    If a 701 account purchased the original equipment in the current fiscal year, we may transfer money to a 701 account if in fact that account purchased the original equipment in the current fiscal year. Exceptions are made.
     

If you have questions regarding the Asset Recovery Program, please contact Kevin Houlette.