Ensure Adequate Asset Stewardship

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 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.

Physical verification of all equipment assets should be undertaken by the department on a five-year rolling basis, i.e. 20% of assets should 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 and the police should also be informed
An asset is broken and beyond economic repair