80 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 Assets owned by the University should, as far as is practical, be marked as University property. Institution 7 £1,384,728 £50000 and above. £10000 (research equip) The register is a module of eFinancials in which each individual asset has a unique record. Web search states University uses Assettrac to provide an all-in-one asset tracking and management system. Local inventories of such assets should be maintained with the following details included: a. A description of the equipment; b. The price paid or its estimated value; c. Related future costs such as maintenance, annual service, part replacement, upgrades and warranties. This is to ensure that the assets can continue to be used. d. The location in which it is stored or used; e. The date of purchase or lease. Assets owned or leased by the University shall, so far as is practical, be effectively marked to identify them as University property. Budget holders must notify the capital accounting section as soon as they become aware of changes in capitalised assets. Heads of Schools or Support Groups are responsible for establishing adequate arrangements for the custody, control security and safety of assets within their areas of responsibility. The accounting systems used must have the approval of the Director of Finance. Heads of Schools or Support Groups are responsible for ensuring that regular Inspections and stock checks are carried out. Institution 8 £206,323 £30000 and above. Not defined. The Director of Finance is responsible for maintaining the Fixed Asset Register. In addition to the asset register, budget holders will ensure that inventories of Wherever possible assets shall be marked as University property.
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