Financial procedures in relation to the recording and disposing of equipment and the maintenance of asset registers

Summary of key points

•  Every department shall be responsible for maintaining an Asset Register. Guidance on what that register should contain is given below.

•  A department should set up procedures such that additions and disposals of equipment are picked up and the register adjusted.

•  Disposals of equipment, whether scrapped, sold, part exchanged or otherwise disposed of must be authorised on an Equipment Disposal Form. If the original cost was over £10K, then the form must be passed to the University Purchasing Manager to authorise. From there, it is sent to the Finance Office.

•  The Finance Office has to account for equipment costing over £10K within the University's financial statements and so will continue to keep its own record of such equipment. Where equipment is purchased at a cost in excess of £10K, an Inventory Addition Form should be sent to Anne Winchester in the Finance Office.

•  An asset register is intended to be a useful tool to a department, to enable it to readily ascertain what equipment it has, where it's located and provide an insurance record. It can be used to track maintenance contracts or for electrical testing purposes. It will enable a department to demonstrate that it can account for assets purchased and to have exercised control over the disposal of its assets.