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Office of FINANCIAL SERVICES

Transfer of assets to other organisations

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 contract or grant.

This topic covers:

Assets for current research projects

When a current research project is transferred to another organisation, it is possible for the assets to be transferred to the other organisation. These conditions apply:

  • The particular grant or contract must contain a condition that these assets are not the property of the University.
  • The assets must have been purchased for the project using external research funds.
  • Agreement must be reached between the University and the other institution. The Director, Financial Services and Bursar and the Deputy Vice-Chancellor (Research) are delegated to commit the University in such negotiations.

Other assets

All assets, purchased from funds administered by the University (except for current research project assets described above) are the property of the University and can only be transferred to another organisation when the following conditions are met:

  • The Head of the financial unit certifies that the asset is not required for use within the University by other members of staff in their research or other professional duties.
  • The Director, Financial Services and Bursar or the Deputy Vice-Chancellor (Research) approves the transfer.
  • The Director, Financial Services and Bursar or the Deputy Vice-Chancellor (Research) has negotiated an agreed price for the transfer with a counterpart at the other organisation.

Financial unit responsibilities

It is the responsibility of the Head of the financial unit to:

  • Ensure that the relevant Deputy Vice-Chancellor's approval is given in writing before the transfer.
  • Notify the Asset Management section so the asset register can be updated. (Use an Asset Data form.)
  • Ensure that any proceeds from the transfer are paid into the appropriate financial unit account.

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