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University Asset Management
This page is intended to provide staff with a general understanding of the procedures involved in managing the fixed assets of the University.
A fixed asset (also known as a non-current asset) is any item of plant or equipment that has a life expectancy (ie. usage period) of more than one year. Items with a life expectancy of one year or less are considered to be consumable items.
The University maintains a central record of fixed assets within the Office of Finance. This central record of fixed assets is commonly known as the Asset Register. It lists such details as description of the asset, its location, its cost, current depreciated amount, depreciation written off to date, its estimated useful life and residual value.
Purchase of Assets
Refer to the Strategic Procurement & Services (opens in a new window) pages.
The University uses the Oracle Financials Fixed Assets module to record assets. It is maintained by the Finance Officer - Fixed Assets.
- Assets costing $2,000 or more and having a useful life of more than two years must be recorded in the asset register.
- Assets costing $5,000 or more are depreciated.
- Assets costing between $2,000 and $5,000 are treated as 'non-capital' items and are expensed at purchase and are not depreciated. They must still appear in the asset register.
- Assets costing between $500 and $2,000 - Schools, Units and Divisions are required to maintain local asset registers for items costing between $500 and $2,000 in value and having a life expectancy of more than 12 months. Items assessed as being high risk from a theft viewpoint should be recorded even if below the $500 threshold. e.g. portable and common use items such as hand drills, cameras and printers.
- Local asset registers should contain sufficient information to enable positive identification of assets.
Updating the Asset Register
The Office of Finance must be advised of the details of any new asset over $2,000 in value.
New assets purchased by way of an official University Purchase Order or payment made through the Accounts Payable section are automatically identified as part of the operational processing within the Office of Finance.
Assets received by way of donation, construction or purchased by University Corporate Card with a value in excess of $2,000 must be the subject of advice from Schools/Units/Divisions.
An Asset Acquisition Form is available.
Asset Management and School/Unit Contacts
A staff position/s should be nominated in each School/Unit (where necessary on a campus by campus basis) to have responsibility for managing the assets for that area, ensuring compliance with related procedures, performing stocktakes and being a local contact for the Finance Officer - Fixed Assets.
A stocktake of fixed assets appearing on the University Asset Register (cost $2,000 and over) will be undertaken on a progressive cyclical basis during the year or at a selected stocktake date.
Stocktakes are the responsibility of Schools, Units and Divisions. However, the Office of Finance will coordinate the stocktake and provide appropriate documentation and support to facilitate a successful outcome.
A stocktake of minor assets (value below $2,000) appearing on local asset registers shall be taken on an annual basis within Schools and Units. It is the responsibility of each holding area to arrange this stocktake and to maintain records of the check for audit purposes.
Disposal of Fixed Assets
Authority to sell, dispose or destroy assets
The delegated authority to sell, destroy or otherwise dispose of assets is per the Delegations (Administrative) Policy (opens in a new window).
Disposal of Motor Vehicles
All motor vehicle disposals MUST be coordinated through the Strategic Procurement & Services (opens in a new window) Office.
Disposal of Computing Equipment
Information Technology Finance & Procurement (opens in a new window) (ITFP) coordinates the disposal of all University non-leased IT assets. External disposal companies are used in this process including the removal of the goods from their University location.
Details of the IT asset disposal process are located on the ITFP website.
Details of the return process for LEASED computing equipment is available at the ITFP website.
Advice of Disposal
When Schools/Divisions dispose of an asset whether by sale, transfer, loss, theft, trade-in or destruction they must provide written advice to the Office of Finance - Fixed Assets section.
An Asset Disposal Form (PDF, 124.3 KB) (opens in a new window) is available.
The University insures all assets subject to significant risk. However, all losses are subject to a deductible of $10,000 per claimed event. As a result, centres that incur a loss will only receive the insurance replacement value less the deductible amount.