79 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 Once approved by the Procurement Department, all Asset Disposal and Recycling forms detailing assets valued at £5,000 or more will be sent to the Asset Department so the asset inventory/register can be updated and maintained. Institution 6 £487,362 £10,000 and above All assets with a purchase price greater than £5,000 must be recorded in the RAM Asset Management System. RAM Asset Management System, implemented in November 2012, provides a means of managing and reporting on University assets within a centralised database. A PDF document is available for Heads of Dept/Directors for the care, custody, and security of assets under their control. The Financial Regulations set out the requirement for Heads / Directors to ensure that departmental records of the University’s assets are kept up to date in University systems Heads of Departments/Schools and Professional Services Directors are responsible for the care, custody, and security of the buildings, stock, stores, furniture under their control. They should consult with the Chief Financial Officer in any case where security is thought to be defective or where it is considered that special security arrangements may be required. Heads / Directors to ensure that departmental records of the University’s assets are kept up to date in University systems, in accordance with the University’s Asset Register processes. All departments must use the relevant systems to maintain complete and up to date asset records. Guidance is provided to help with what needs recording and how.
RkJQdWJsaXNoZXIy NTI5NzM=