81 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 Internet search shows the University uses IBM Maximo® and Fingertip mobile EAM software, to enable real-time management of all their assets. equipment, furniture and stores are compiled, maintained and periodically checked in accordance with financial procedures. The inventory must include items donated or held on trust. The Director of Finance will determine the form and data set of the register, and the method of updating. Budget Holders will provide the Director of Finance with the necessary information to maintain the register. A physical check of assets against the register will be conducted periodically. A transfer record must be kept of assets transferred between departments and inventory records changed accordingly. Budget Holders shall ensure that University property is disposed of in a secure and appropriate manner and that the disposals are recorded. Losses caused by theft, fraud, arson, neglect of duty or gross carelessness, must be notified to the Director of Finance, who will take appropriate action. Budget Holders will advise the Director of Finance of any item to be disposed of, including details of estimated market value, proceeds of sale, and reason for disposal.
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