75 Virtual Brochure – March 2025 Institution by its turnover (000) Capitalisation Threshold Lower limit for tracking of assets (fixed or non-fixed) System for Fixed Assets Local Asset Registers Responsibilities/Controls Estates utilise the Zurich register for their asset register. In practice, schools only use the Zurich system in part and then have other or no asset registers in place. Inventories must be checked at least annually as described in the University’s detailed financial procedures. When transferring equipment, etc, between departments, a transfer record must be kept, and the register amended accordingly. Assets owned by the University shall, so far as is practical, be effectively marked to identify them as university property. Disposal of equipment and furniture must be in accordance with procedures agreed by the Audit Committee and contained in the University’s detailed Financial Procedures which can be found on the StaffHub. Disposal of land and buildings must only take place with the authorisation of the University Council. Regulator consent may also be required if exchequer funds were involved in the acquisition of the asset. Disposal must be recorded in the local asset register giving the reasons and the method of disposal used.
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