Financial Management of Assets
Finance & Procurement Services maintains the Asset Register in order to comply with statutory reporting requirements.
What is an Asset?
Assets are defined as any item owned or controlled by the University, and of economic value, with an expected useful life of greater than 12 months. An asset can be physical (e.g. land, buildings, motor vehicles, works of art) or intangible (e.g. computer software, trademarks, patents). An asset may be acquired directly by purchase, bequest or donation, or result from construction.
- Types of Assets
There are two types of assets within the University -
- Capital Assets - value at time of acquisition is $10,000 or over
- Non-capital Assets - cost is between $4,000 - $10,000, is non-consumable and has a useful life of greater than 12 months
- Examples of Non-Capital Assets
Examples of what are considered Non-capital Assets are listed below -
- Musical Equipment -
Guitars, violins, flute, clarinet, keyboards, harp, piano, drums, xylophone
- Sound and Visual Equipment -
Cameras, video recording equipment, televisions, media players, audio visual
- Laboratory Equipment -
Microscopes, ultrasound machines, humidity chamber, high power laser, centrifuge and incubators, cryogenic storage units
- Workshop Equipment -
Portable workshop tools, generators, dentistry and medical equipment
- Antiques and Collectables -
Paintings, collectables such antique furniture, sculptures, rare minerals, silverware
- Other Attractive Items -
3D Printers, defibrillator, drones and any other items of significance which meet the above criteria.
- Musical Equipment -
- Recording of Assets
Capital Assets are recorded in the University's asset register and depreciated over it's useful life.
Non-capital Assets are identified during the purchasing process. Non-capital assets are recorded on the asset register but not depreciated.
Staff undertaking the receipting process for non-capital assets, will be prompted to enter the asset's serial number or unique ID. If this information is not known, the delivery docket or invoice number must be entered.
If there is more than one asset in a delivery, then enter _1, _2, _3, etc. as a suffix to the delivery docket or invoice number for each asset. For example, the serial numbers for 3 assets delivered on delivery docket ABCDEF would be:
ABCDEF_1Refer to the Receipting Goods & Services quick reference guide for step by step instructions.
- Reporting on Non-Capital Assets
Faculties & Divisions can view a report showing the Non-capital Assets in their area and can use this report to manage assets and perform stocktakes.
To gain access to run reports in the Finance System, raise a Finance System Access Request Form to request the role of "Query Viewer" which is under Administration/Misc Roles.
Once you have the role, refer to the Non-Captial Asset Report Query quick reference guide.
- Management and Disposal
Faculties and Divisions are the custodians of Capital and Non-capital Assets registered to them.
It is the responsibility of the Faculty or Division to ensure that disposal of University Assets are in the best interest of the University (e.g. sold for the best price), sufficiently documented and approved.
If an Asset is transferred, or disposed please complete the Asset / Motor Vehicle Transfer & Disposal Form.
The Financial Management of Assets Procedure has been drafted and ready for University consultation.
Any queries should be directed to Finance & Procurement Services.