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Policy: Assets

Purpose

To inform staff of the requirements for accounting for assets

Overview

This policy provides the principles for accounting for assets.

Scope

This Policy applies to assets across the University.

Policy Statement

  1. Assets are resources controlled by the University due to a past transaction or other past events in which future economic benefits are expected.
  2. Business areas are responsible for using, maintaining and keeping custody of University assets.
  3. Only authorised delegates can approve:
    1. the acquisition, write off or disposal of assets; and
    2. internal asset transfers.
  4. Assets are acquired, managed, valued and disposed of in accordance with Assets procedure.
  5. All assets are to be used in accordance with their intended use for the benefit of the University.
  6. Any use of University facilities or assets with the primary intention of personal gain or profit is not permitted. The personal use of any University equipment must be minor and incidental, and with prior approval from respective business area delegate.
  7. Removal of any asset, except the removal of mobile telephones or assigned laptop computers and tablets, from the workplace for any purpose is not permitted without appropriate line manager approval. This permission can form part of a standing agreement (e.g. a flexibility arrangement).
  8. Assets which are found on the University premises are not to be misused or improperly disposed and reasonable steps are taken to safeguard the assets. The building custodian is to be notified first and if the asset is not in a building, Facilities and Services division (F&S) is notified.
  9. Assets acquired through gifts or donations are required to comply with the Gift Acceptance procedure.
  10. If an authorised gift of a University asset is made to a third party, the person who gifts the asset is responsible for reimbursing the University the value of the asset.
  11. All assets are to be disposed by sale, unless doing so is impractical or undesirable in the public interest.

Information

Printable version (PDF)
Title Assets
Document Type Policy
Document Number ANUP_000376
Version 8
Purpose To inform staff of the requirements for accounting for assets
Audience Staff
Category Administrative
Topic/ SubTopic Finance - Assets
 
Effective Date 24 Nov 2022
Next Review Date 24 Nov 2027
 
Responsible Officer: Chief Financial Officer
Approved By: Vice-Chancellor
Contact Area Finance and Business Services
Authority: Public Governance, Performance and Accountability Act 2013
Australian National University Act 1991
Delegations 0

Information generated and received by ANU staff in the course of conducting business on behalf of ANU is a record and should be captured by an authorised recordkeeping system. To learn more about University records and recordkeeping practice at ANU, see ANU recordkeeping and Policy: Records and archives management.