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Office of FINANCIAL SERVICES

1. Overview of Asset Management

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 is approved by the Vice-Chancellor's Management Committee. Therefore, it is part of their responsibility of employment that financial unit Officers follow the requirements of this policy.

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

The Asset Management Section within the Business Services Unit of the Office of Financial Services, located at Y6A, maintains a record of all University Capital Assets and Attractive Items assets using the Fixed Asset module of Finance One.

A record of assets is required to:

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

The University maintains the following records in the asset management system:

1.1. Capital Assets :

Assets having an individual cost of at least $5,000. The depreciated values of these assets are recorded in the balance sheet of the financial statements. Assets Management is responsible for the recording of and accounting for these assets. It also oversees the annual stock takes of these assets.

1.2. Attractive Items:

non-consumable items costing from $1,000 to $4,999 and having a useful life of 2 years or more. These items are expensed off in the year in which the expenditure is incurred. The records are maintained for security, insurance and expenditure control purposes at Division/Office level. To facilitate this, the Asset Management section records the purchase of these attractive items for the Divisions and Offices to maintain, monitor and control. Non-consumable items costing less than $1,000 may also be recorded in the asset register if required by the Division or Office .

1.3. Obsolete Assets:

Assets of no further use to the University, or with little or no resale value, that have not yet been disposed of.

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