Asset Management Policy
To ensure that the Institute'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)) to achieve the Institute's operational objectives.
This policy covers all non-property assets and portable and attractive items utilised by the Institute, whether owned or leased, and the officers delegated the task of managing them.
3.1 This policy and the related procedures document must be available and adhered to by all staff with delegated responsibility for dealing with the Institute's assets.
3.2 All asset and portable and attractive items transactions must be properly documented, verified, approved and recorded in the General Ledger and Asset Register consistent with the Institute's Financial Delegations Manual, the Australian Accounting Standards and, where no conflict exists, with ACT Government policies. In the instance of a conflict the ACT Government policy takes precedence.
3.3 All asset transaction documentation must be systematically retained and available for inspection as required.
3.4 Assets and portable and attractive items must be purchased in accordance with CIT's Procurement Policy and budget priorities as well as within the current budgetary limits of the College making the purchase.
3.5 Assets must be recorded in the Asset Register at the cost of acquisition. Portable and Attractive Items must be recorded in the Asset Register with a nil cost of acquisition.
3.6 The Portable and Attractive Asset thresholds are: $0 - $2,000 for artworks and $500 - $2,000 for all other items.
3.7 By definition, Portable and Attractive items do not meet the asset capitalisation threshold and, consequently, are expensed in the financial year in which they are acquired.The portable and attractive items that satisfy the threshold requirements are recorded in the Portable and Attractive Assets Register for control purposes and do not attract depreciation.
3.8 All new assets and portable and attractive items must be barcoded to identify them as being property of the Institute as soon as practicable after delivery.
3.9 The purchasing College or Division is responsible for the safe custody of Portable and Attractive assets.
3.10 Asset holdings are to be reviewed annually and Assets or Portable and Attractive Items not being fully utilised or past their useful life should be redeployed, disposed of or donated/loaned to an eligible recipient in accordance with Institute Policies and Procedures.
3.11 Disposals, including write offs, must be conducted with openness and accessibility to all with the ultimate objective of achieving the best net outcome for the Institute.
3.12 Assets and Portable and Attractive Items transferred within the Institute must be advised to the Asset Manager at the time of transfer and, in the case of Information Technology (IT) Equipment (see Attachment 3 for a definition), an IT Support Officer in the CIT'S ICT area must be advised.
3.13 Upon approval by a delegated officer, items may be loaned to staff 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. The loaning of CIT owned equipment or items to staff must be for CIT business use only, i.e. tied to a CIT Business outcome, in order to be approved.
3.14 Items may only be loaned to students on a short-term basis, and then only when all outstanding debts to the Institute are extinguished and a record is kept of the loan in a College/Division Loans Register to be administered by the College/Division.
3.15 Insurance for the Institute's Assets and Portable and Attractive Items must be maintained in accordance with CIT's Risk Management Policy and CIT's Insurance Procedures.
3.16 Lost, stolen or damaged Assets and Portable and Attractive Items must be reported immediately to both the Loss/Theft Investigating Officer and the Asset Manager in CIT Corporate Services. Where damage is caused by negligence, action must be taken by the College/Division to repair/replace the item and recover the cost of repairs or replacement from the person responsible.
3.17 The Institute calculates depreciation on the straight line basis from the date of acquisition (generally the invoice date). This is done centrally by CIT Corporate Services in accordance with all applicable legislation and accounting standards.
3.18 A segregation of duties must always be maintained between the various officers involved in dealing with the Institute's assets and portable and attractive items.
3.19 A stocktake of Assets and Portable and Attractive Items is held annually. Each Campus is counted on a three-year rolling basis with any discrepancies being investigated by the Stores Holding Officer and explained. Each year a report must be prepared by the Financial Accountant for submission to the Chief Executive outlining the findings of the stocktake.
All dollar ($) amounts and/or all dollar ($) threshold amounts referred to in this policy are exclusive of GST unless specifically indicated otherwise.
- Financial Management Act 1996
- ACT Government Chief Minister, Treasury and Economic Development Directorate (CMTEDD) Accounting Policies
- ACT Government CMTEDD Budget Memorandum
- Australian Accounting Standards
- ACT Government Procurement and Capital Works Procurement Procurement Circulars and Policies
- Financial Delegations Manual
- Financial Delegations Matrix
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 Executive Director, Corporate Services.
Contact CIT Student Services on (02) 6207 3188 or email firstname.lastname@example.org.
Policy No: 2017/450
Approved: January 2018
Next Review: August 2020
Category: Corporate Policies
Policy Owner: Executive Director, Corporate Services
| Assets Management Procedures|
(MS Word Document 252.6 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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