Finance & Procurement

F Assets

F 1 General

F 1.1 The Director of Estates

The Director of Estates is responsible for the Buildings and Estates function within the University, including custody and physical security of all University buildings and other resources related to this function. In considering the degree and form of security for particular buildings, the Director of Estates shall be informed by the recommendations and requirements of the relevant Heads of Departments and the Head of Security.

F 1.2 Heads of Departments

Heads of Departments are responsible for the security and custody of all other University assets, whether tangible or intellectual.

Cash, stores and other especially valuable assets must be handled in accordance with the appropriate Financial Procedures issued by the Director of Finance. It is the Heads of Departments' responsibility to ensure that in organising the work of their Unit, account is taken of the Director of Finance's latest Financial Procedures on any subject affecting their Unit.

F 1.3 Disposals

Disposal of University property must be made in accordance with the procedure set out in Procedure PR5.

F 2 Asset Registers

F 2.1 The Director of Finance will maintain a central asset register for equipment with an initial cost in the excess of £25,000

F 2.2 Heads of Departments are responsible for maintaining a departmental asset register and for operating that register in accordance with the procedures set out in Procedure PR5.

F 3 Investments

F 3.1 The Finance Committee is responsible for oversight of all investment of funds of the University, including those held on Trust.

F 3.2 The Finance Committee may seek such external advice as it considers necessary and may employ managers for the investment of University funds.

F 3.3 The Director of Finance is responsible for remitting all funds for investment with organisations on a list approved by the Finance Committee, maintaining records of investments, both capital and income, for ensuring safe custody of all relevant documents, and for reporting investment performance regularly to the Investment Committee. No investment of University monies shall be made other than in accordance with arrangements approved in writing by the Director of Finance.

F 3.4 The responsibility for short-term investment of surplus cash funds, with organisations on a list approved by the Finance Committee, is delegated to the Director of Finance.