Skip to Content

Office of FINANCIAL SERVICES

Overview of the asset management process

The University has a significant investment of public funds in the assets utilised throughout the organisation. To ensure that such an investment is properly managed, controlled and recorded, the State Government has through the provisions of the Public Finance and Audit Act 1983, (Audit Act) provided a framework in which the University must operate. The Act also requires the Auditor-General to examine and report annually on the operations of asset control and reporting.

The University Asset Management Policy was approved by the Vice- Chancellor's Management Committee in May 1994. Therefore, it is part of their responsibility of employment that financial unit Officers follow the requirements of this policy.

The University maintains a central record of assets within the Asset Management section. 

All assets purchased from funds administered by the University are formally the property of the University, except where an agreement to the contrary is part of the conditions associated with a particular grant or contract.

A record of assets is required to:

  • Provide information to financial units on what assets are under their control and location
  • Provide information for decision making purposes
  • Provide information for external reporting purposes
  • Enable the University to comply with statutory requirements.

The University assets recorded in the asset management system include:

  • Capital Assets : Assets having an individual cost of at least $5,000. The values of these assets are recorded in the balance sheet of the financial statements.
  • Non-capital Assets: Assets costing from $1,000 to $4,999 and having a useful life of 2 years or more are recorded in the University's assets register.
  • Attractive Assets: Non-consumable items costing less than $1,000 that are of a portable nature and can easily be removed. Where it is considered by the Head of the financial unit that such items are of value, they may be recorded in the asset register.
  • Obsolete Assets: Assets of no further use to the University, or with little or no resale value, that have not yet been disposed of.

Exercitationem

Visi ut aliquid ex

Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur.