77 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 Different approaches to asset marking - most common approach is to use to serial number of the item (where this is available) as the unique reference identifier. Institution 5 £422,046 £25000 and above £5000 University wide asset register is an Excel spreadsheet. Departments are responsible for recording their own inventories, including assets between £5-25k and therefore there are different local arrangements. Asset recording highly fragmented with many different arrangements, including the Technical Services database, IT inventories, Estates spreadsheet and other local arrangements. A database was developed to record those assets under the control of Technical Services although this database was for a broader purpose than asset location recording – also used as a budget/financial planning Heads of Department are responsible for maintaining departmental asset inventory/registers in accordance with the procedures is set out in the Acquisition and Disposal of Assets policy. The inventory must include items donated or held on trust. Once the asset has been received in excess of £5,000 (incl. VAT), the department concerned should notify Finance of its location, who will record the following information on the appropriate register in relation to the asset: • Faculty and department name. • Location (Building name & room number). • Asset number. • Manufacturer & model and serial number. • Description of asset. • Date of receipt of asset. • Person responsible for the asset. • Inventory value The University will carry out annual compliance checks.
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