3.8 Assets

3.8.1 Acquisition of Assets

The purchase, lease or rent of land, buildings or fixed plant can only be undertaken by the Director of Estates and Facilities in line with the University’s approved capital programme. 

All assets purchased using University funds remain the property of the University and not the Department / Division or individual that uses them.

Heads of Department /Division are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control.

3.8.2 Asset Registers

The University shall maintain two asset registers:

  • A fixed  asset register of land, buildings, and fixed plant and equipment costing over £25,000 which will form part of the University’s statutory accounts; and
  • a departmental/divisional equipment inventory of all tangible equipment costing in excess of £500

The Director of Finance is responsible for maintaining the institution’s fixed asset register. Heads of Department/Division are required to provide the Director of Finance with any information he or she may need to maintain this register.

Heads of Department/Division are required to maintain a departmental equipment inventory by recording all equipment held by the Department/Division, costing in excess of £500.

The format of this inventory register can be determined by the Department/Division, although use of the asset management module of the University’s finance system SAP is encouraged. 

IT equipment provided by Central IT Services for use in departments should not be included on the register.  This data will be maintained and submitted by IT Services.

Heads of Department/Division MUST also arrange for inventories to be checked and brought up to date by the end of each financial year.  A register as at 31 July, signed off by the Head of Department will be requested by Central Finance annually.

3.8.3 Disposal of Assets

When assets become redundant, the Department / Division holding that asset MUST ensure that the asset is disposed of in the most economically efficient manner, aiming to maximise sale proceeds for the University. Disposals should be conducted in such a way as to rebut any possible allegations of waste of public funds or of showing undue preference to any party.

It is the University’s policy not to sell plant or equipment, including redundant IT equipment, to an employee.

Following the disposal of any asset, either by sale or as scrap, the Department / Division MUST ensure that the departmental equipment inventory is updated or, if the initial purchase cost of the equipment was over £25,000, that Finance Office is notified of the need to update the fixed asset register.

3.8.4 Asset Security

Heads of Department / Division are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They should consult the Director of Estates in any case where security is thought to be defective or where it is considered that special security arrangements may be needed.

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