Asset Management Policy
This policy provides broad direction to ensure that CIT’s asset base, including portable and attractive items, is managed effectively, efficiently and within the bounds of all applicable legislation (Financial Management Act 1996 section 55(4)(g)) in achieving CIT’s operational objectives.
This policy applies to all CIT staff and covers all non-property (i.e., land and buildings) assets and portable and attractive (P&A) items utilised by CIT whether owned or leased.
3.1 This policy and the related procedures document must be readily available to and must be adhered to by all staff with delegated responsibility for dealing with CIT assets.
3.2 All non-P&A items transactions over $5,000 (excluding GST) must be properly documented, verified, approved, and recorded in the General Ledger and Asset Register consistent with CIT’s Financial Delegations, Australian Accounting Standards and, where no conflicts exist, with ACT Government policies. In the instance of a conflict, the ACT Government policy takes precedence.
3.3 P&A items are to be recorded in individual P&A Registers in Colleges & Divisions.
3.4 All asset transaction documentation must be retained and shall be provided for inspection on request.
3.5 Assets and P&A items must be purchased in accordance with CIT's Procurement Policy and budget limits.
3.6 Assets must be recorded in the Asset Register at the cost or fair value of acquisition.
3.7 P&A items are not required to be recorded in the Oracle Asset Register/Ledger.
3.8 Artworks are to be included on the Asset Register if the initial purchase price or value is greater than $2,000 excluding GST.
3.9 By definition, P&A items do not meet the asset capitalisation threshold and, consequently, are expensed in the financial year in which they are acquired. P&A items that satisfy the P&A threshold of $500 requirements are recorded in the P&A Assets Register for control purposes and do not attract depreciation. P&A items that do not satisfy the P&A threshold of $500 can still be recorded in the P&A Asset register at the discretion of the purchasing department for control purposes.
3.10 All assets must be barcoded to identify them as being the property of CIT as soon as practicable after delivery.
3.11 P&A items need not be barcoded however Colleges/Divisions may if deemed an appropriate control mechanism, may elect to utilise barcoding.
3.12 The purchasing College or Division is responsible for the safe custody of all assets and P&A items.
3.13 Asset holdings are to be reviewed annually and Assets or P&A Items not being fully utilised or past their useful life should be redeployed, disposed, or donated/loaned to an eligible recipient in accordance with CIT Policies and Procedures..
3.14 Disposals of assets, including write offs, must conform with ACT procurement legislation, and must be conducted with openness and accessibility to all with the ultimate objective being to achieve a best net outcome for CIT. Refer to the CIT Asset Management Procedures for additional guidance.
3.15 Assets transferred within CIT must be advised to the Asset Manager at the time of transfer and in the case of Information Technology (IT) Equipment (see Attachment 2 for a definition), an IT Support Officer in CIT'S ICT area must be advised.
3.16 Transfers or disposals of P&A items are managed within Colleges and Divisions.
3.17 Upon approval by a Head of Department, Director or equivalent, items may be loaned to staff for the conduct of CIT business only on an ongoing or short term basis, provided they are not required for other Institute business and are recorded in a College/Division Loans Register to be administered by the College/Division.
3.18 As a rule, items should not be loaned to students however Directors (or equivalent) or a staff member as delegated by a director may approve short term loans on a case-by-case basis.
3.19 Assets and P&A items that are subject to loss or damage will as a rule, be covered by CIT insurance arrangements.
3.20 Lost, stolen, or damaged Assets and P&A items must be reported immediately to both the Facilities Manager and Asset Manager. Where loss or damage is caused by negligence, action must be taken if applicable by the College/Division to repair or replace the item and recover the cost of repairs or replacement from the person(s) responsible.
3.21 Depreciation is calculated on the straight-line basis from the date of acquisition (generally the invoice date). This is managed by Finance in accordance with all applicable legislation and accounting standards.
3.22 Audits of Assets and P&A Items will be undertaken frequently under a rolling program on a campus-by-campus basis or as required otherwise. Each campus should be subject to stocktake on a minimum three-year rolling basis. A report for the attention of the CIT Executive will be prepared and submitted by Finance at the conclusion of a stocktake.
Related Policies, Guides and Resources
- ACT Government Chief Minister, Treasury and Economic Development Directorate (CMTEDD)
- ACT Government CMTEDD Budget Memorandum
- Finance and Corporate Affairs Policies
- ACT Government Procurement and Capital Works Procurement
- Financial Delegations
- Procurement Circulars and Policies
All terminology used in this policy is consistent with definitions in the CIT Definitions of Terms.
Refer to Asset Management Attachments Document for more information.
6. Policy Contact Officer
For more information about this policy contact the Senior Director, Finance.
Contact CIT Student Services on (02) 6207 3188 or email firstname.lastname@example.org.
This policy is implemented through the associated procedures. Authority to make changes to the procedures rests with the policy owner.
Policy No: 2017/450
Approved: October 2021
Next Review: July 2023
Category: Corporate Policies
Policy Owner: Executive Director, Corporate Services
| Asset Management Procedures|
(PDF File 294.5 KB)
Asset Management Attachments
(MS Word Document 64.0 KB)
CIT Definition of Terms
Client Service Charter
Student Code of Conduct
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