The Office of the Vice President, Chief Financial Officer, and Comptroller announces an open comment period for a new policy, 12.1.3 Equipment Trade-ins and Limitations, from January 23 to February 6, 2025.
Highlights Include:
- All trade-ins of equipment must be handled in compliance with State of Illinois statutes, rules, and system policy.
- The trade-in allowance must be used to reduce the purchase price of the new “like-kind” equipment.
- Special rules apply and additional approvals are required for traded-in equipment purchased on State funds and Grant funds.
The policy lists Prohibited Acts including:
- Trade-ins of equipment for an unknown product or service to be acquired in the future or store credit.
- Trade-ins of equipment for an item that will be titled to another institution.
- Trade-ins that result in the unit receiving funds or store credit are considered a sale and are not allowable.
Please review the proposed changes and provide feedback on the comment blog to be considered before the new policy format is published.
Contact
If you have questions about the updates to the policy, please contact the CFO Business and Finance Policy Office at obfspolicies@uillinois.edu.
