Usually in closing out a grant, we either request that the
equipment be transferred to related research by the PI or request
just that the equipment vest with the PI...most times you can
make the case that the PI is continuing to do related research
and especially if the grant is years beyond its expiration date,
you can make the additional case that the equipment value is not
worth transporting it back to NSF... on the transfer of the PI,
is he taking the grant with him or is the research being assumed
by the other PIs who are using the equipment?  If he is taking
the grant with him, the new school may want the opportunity to
buy the equipment from your school since technically the
equipment was purchased for that grant...we have bought equipment
from other schools when we have transferred grants in to UCF ...