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Fixed Assets Management procedure

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Section 1 - Preamble

(1) This Procedure is effective from 18 November 2009 and incorporates all amendments to 10 January 2014.

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Section 2 - Purpose

(2) The Procedure outlines the steps required to ensure that the University can effectively procure, manage, document and control its Fixed Assets.

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Section 3 - Scope

(3) The Procedure applies across the University for how Fixed Assets are procured, managed, controlled and documented.

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Section 4 - Policy

(4) This Procedure is pursuant to the Fixed Assets Management policy.

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Section 5 - Procedure

(5) Heads of Organisational Units are responsible for the management of Fixed Assets in their areas, and will:

  1. designate a Fixed Assets representative within their area to be responsible for the administration and stocktaking of Fixed Assets (Refer to the Guidelines for the Verification of Fixed Assets)
  2. ensure that Fixed Assets are acquired in accordance with the Procurement policy
  3. ensure that the disposal, transfer and loan of Fixed Assets is undertaken in accordance with the guidelines on the Corporate Finance (Fixed Assets Management) webpage
  4. ensure that all Fixed Assets are kept secure and maintained in a serviceable and safe condition and that any loss or theft is reported to the Security Manager, Facilities Services
  5. notify the Team Leader, Fixed Assets, Corporate Finance, of the completion of in-house Fixed Assets projects and their costings
  6. maintain accurate and up-to-date information about Fixed Assets and report that information to the Team Leader, Fixed Assets, Corporate Finance as required.

(6) Heads of Organisational Units will manage the design and construction of in-house Fixed Assets for their area.

(7) The Heads of Organisational Units, or their nominees, will report regularly to the Team Leader, Fixed Assets, Corporate Finance, regarding acquisitions, disposals, losses and valuations for the Fixed Assets in their areas, and all amendments will be recorded in the Fixed Assets Register as appropriate.

(8) The Financial Services Manager, Corporate Finance, will arrange and report on the valuation of all land and buildings.

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Section 6 - Definitions

(9) For the purpose of this Procedure:

  1. Fixed Assets: as defined in the Fixed Assets Management policy.