Ensure Adequate Asset Stewardship

Introduction Review and Adjust Quarterly Additions Listing Ensure Adequate Asset Stewardship Process Controls

Departments must ensure that all assets are kept in a secure location at all times and adequately maintained to the extent that they continue to function as intended.

The department may wish to maintain a register that includes assets under the Central materiality of £10k. It is advised that locally maintained registers are aligned to the layout of the DEL for ease and to ensure that all relevant information is captured.

The Departmental Administrator should maintain a list of all assets that have been taken outside of University premises and written confirmation should be obtained annually from the asset assignee that the items remain in their possession. Please use  Departmental Asset Stewardship confirmation (44kb) .

From 2018 the Central Fixed Asset team will perform a physical verification of assets over £50k on a 5 year rolling basis, i.e. 20% of capital assets will be verified during each financial year.

Departments should notify the Fixed Asset Accountant if any of the following occur: 

  • There is a change to the location of the asset
  • The asset is assigned to a different member of staff
  • An asset is loaned or transferred to another University department
  • An asset is sold
  • An asset is stolen (University Security Services and the police should also be informed)
  • An asset is broken and beyond economic repair