View Current

Fixed Assets Policy and Procedure

This is the current version of this document. You can provide feedback on this policy to the document author - refer to the Status and Details on the document's navigation bar.

Section 1 - Preamble

(1) Charles Darwin University (‘the University’, ‘CDU’) maintains a portfolio of physical assets which are central to its operation. This policy and procedure ensures the University manages its asset portfolio effectively and appropriately, maximising its output and contributing to our mission to provide training, education and research that matters.

Top of Page

Section 2 - Purpose

(2) This policy and procedure provide a framework for managing the acquisition, registration, assurance of existence, and disposal of the University’s assets.

Top of Page

Section 3 - Scope

(3) This policy and procedure applies to all University employees and students who use and manage University assets.

(4) This policy and procedure applies to assets controlled by the University, including:

  1. capital assets which have a value equal to or greater than $5,000.00; and
  2. portable and attractive items.

(5) Students undertaking studies where they pay a materials fee to cover the cost of resources used for objects which they are permitted to keep on the completion of their training and assessment requirements do not fall under the scope of this policy and procedure. 

Top of Page

Section 4 - Policy

(6) All employees and students will treat University assets with care and ensure they are held securely and in environmentally appropriate conditions.

(7) Assets must only be used for the benefit of the University. Use of assets for personal benefit is prohibited. Use of University resources by employees and students, including University assets, must be in accordance with the Code of Conduct – Employees and the Code of Conduct – Students.

(8) Employees and students must not remove assets from University property without prior written approval from their line manager and notification to the asset custodian in their area. (Exceptions may include CDU fleet motor vehicles which must be used in accordance with the Fleet Vehicles Policy, portable ICT equipment, and other specialist equipment used regularly in off-site activities, e.g. research.)

(9) An Executive will appoint an asset custodian for the responsible areas within their organisational units.

  1. An Executive may appoint multiple asset custodians if it would be impractical for one asset custodian to manage the organisational unit’s assets because the organisational unit:
    1. conducts varied types of work and activities; or
    2. operates across multiple locations.
  2. Where an organisational unit has multiple asset custodians, each asset custodian and the relevant Executives must ensure that:
    1. all asset custodians and the Executive understand which asset custodian is responsible for which assets; and
    2. all assets controlled by a responsible area are assigned to an asset custodian.

(10) Asset custodians are responsible for liaising with the Asset and Finance Officer to ensure compliance with this policy and procedure.

Asset Acquisition

(11) The purchase of new assets must follow the Procurement Policy, the Procurement Procedure, and the delegations in the Delegations Register.

(12) The acceptance of donated assets must follow the Donations and Gifts Acceptance Policy and the delegations in the Delegations Register

(13) When a new asset is acquired, one responsible area will be given overall responsibility to manage the asset.

(14) Each new asset, including all purchased and donated assets, must be registered in accordance with this policy and procedure.

Asset registration and management

(15) Asset custodians will:

  1. liaise with Finance via mail-inassets@cdu.edu.au to maintain the asset register; 
  2. conduct annual or ad hoc stocktakes of the responsible area’s assets, including both capital assets and portable and attractive items;
  3. verify that assets are cared for and maintained; and
  4. report any missing assets to the relevant Executive and to Finance via mail-inassets@cdu.edu.au.

(16) Assets must be stored on University premises or property. Approval must be sought in writing from the relevant director where an asset will be taken away from campus overnight or longer.

Audits and valuations

(17) The Asset and Finance Officer may conduct random checks of the University’s assets to verify that organisational units and asset custodians are complying with this policy and procedure.

(18) Under the direction of the Associate Director Finance, the Asset and Finance Officer will coordinate the onsite revaluation of the University’s buildings, land, land improvements, art collection, and library collection every three years.

  1. In years 2 and 3, between the onsite valuation, a desktop valuation is conducted for the University’s buildings, land, and land improvements. The primary purpose of the desktop valuation is to ensure there is no significant impairment of the University’s assets.

Asset disposal

(19) An application to dispose of an asset which has been deemed Beyond Economical Repair (BER) or is no longer required by the responsible area may be lodged using the Fixed Asset disposal eform in eCentre. This application to dispose of an asset must be made to the authorised officer in line with the delegations in the Delegations Register.

(20) Employees must not dispose of assets without completing the Fixed Asset disposal eform and receiving approval from the authorised officer according to the Delegations Register. Failure to comply with this may result in an issue of misconduct or serious misconduct in accordance with clause 59 of the Charles Darwin University and Union Enterprise Agreement 2022.

(21) The asset custodian and the relevant Executive will assess the usability of an asset and its ongoing need. If they determine that the asset should be disposed of, they must complete the Fixed Asset disposal eform in eCentre.

(22) If the asset can be utilised by another area of the University, priority should be given to reallocating the asset within the University.

Top of Page

Section 5 -  Procedure

Appointment of asset custodians

(23) The nominated Executive will advise Finance who each organisational unit’s asset custodian is by emailing Mail-inAssets@cdu.edu.au. The nominated Executive must notify Finance of any change to the asset custodians within two weeks of the change.

Asset acquisition and registration

(24) The relevant area asset custodian will email Mail-inAssets@cdu.edu.au to register the asset in the Fixed Assets Register as soon as a new asset has been received.

(25) The asset custodian must advise Finance of:

  1. the purchase order number and supplier;
  2. the nature and value of the asset;
  3. the date the asset was acquired;
  4. which responsible area controls the asset;
  5. the asset’s serial and/or model numbers, as applicable;
  6. what the asset will be used for; and
  7. storage and security plans for the asset.

(26) The Asset and Finance Officer will record the details of the asset in the Fixed Assets Register.

Stocktake

(27) The Asset and Finance Officer will work with asset custodians to schedule an annual stocktake of the University’s assets.

(28) The Asset and Finance Officer will provide asset custodians with a list of the assets registered to their responsible area in the Fixed Assets Register.

(29) For all assets in their responsible area list, asset custodians must confirm:

  1. the location of the asset;
  2. that the asset is still in good working order; and
  3. that the asset is being used for authorised purposes.

(30) The asset custodian must register any unregistered assets located during stocktake.

(31) The asset custodian will notify the Asset and Finance Officer once stocktake is complete and provide a summary of any changes needed in the Fixed Assets Register.

(32) If an asset is unaccounted for during stocktake, the asset custodian and the Asset and Finance Officer will notify the Executive and investigate further. If it cannot be located then the asset custodian will follow the process for asset disposal outlined in this policy and procedure.

Asset disposal

(33) If an asset needs to be considered for disposal, the employee should notify their organisational unit’s asset custodian. If the asset custodian determines the asset has reached the end of its life, is Beyond Economical Repair (BER), or is no longer required, they will liaise with the relevant Executive and users of the asset to recommend its disposal.

(34) If the asset is no longer required but is still useable, the asset custodian will investigate whether it could be utilised by another area of the University.

(35) Once the status of the asset has been determined, the asset custodian will complete the Fixed Asset disposal eform in eCentre, specifying the details of the asset, the reason for disposal, and the recommended disposal method.

(36) The Asset and Finance Officer will verify submitted Fixed Asset disposal eform against the Fixed Assets Register and may request further information from the asset custodian.

(37) Once an Fixed Asset disposal eform has been reviewed by the Asset and Finance Officer, it will go to the relevant Senior Executive Team member for endorsement.

(38) The endorsed Fixed Asset disposal eform will progress to the authorised officer according to the Delegations Register for approval and action.

(39) Once the Fixed Asset disposal eform is approved, the Asset and Finance Officer will contact the requester to organise the disposal process.

(40) Once an asset has been disposed of or relocated, the Asset and Finance Officer will update the Fixed Asset Register.

Storage and security

(41) Portable and attractive items are to be secured in a locked storage container, for example a lockable cupboard, or at the least stored in a lockable room. If the physical location of the asset does not provide for secure storage this is to be noted on the Fixed Asset Register and special checking arrangements put in place by the Asset and Finance Officer.

Top of Page

Section 6 - Non-Compliance

(42) Non-compliance with Governance Documents is considered a breach of the Code of Conduct - Employees or the Code of Conduct - Students, as applicable, and is treated seriously by the University. Reports of concerns about non-compliance will be managed in accordance with the applicable disciplinary procedures outlined in the Charles Darwin University and Union Enterprise Agreement 2022 and the Code of Conduct - Students.

(43) Complaints may be raised in accordance with the Complaints and Grievance Policy and Procedure - Employees and Complaints Policy - Students.

(44) All staff members have an individual responsibility to raise any suspicion, allegation or report of fraud or corruption in accordance with the Fraud and Corruption Control Policy and Whistleblower Reporting (Improper Conduct) Procedure.