Capital Asset Management

Capital Asset Management

SUMMARY

The Capital Asset Management Policy establishes the University’s approach concerning the classification of assets; asset disposal; asset valuation; outlines which assets are to be capitalised in accordance with general accounting principles; provides the appropriate rate of amortisation of a capitalised asset based on its estimated useful life; and provides a basis for insurance coverage and the external reporting of capitalised assets.

The procedure outlines the steps to be followed by staff and students who are responsible for making decisions relating to University-owned assets.

Further information concerning annual rates of depreciation for newly acquired assets is provided within Schedule 1 – Depreciation.

POLICY

Purpose

The purpose of this policy is to:
  • identify what is        classed as an asset
  • clarify the assets        to which this policy applies
  • clarify responsibility        for assets
  • clarify methods for        the disposal of assets
  • determine which        assets are to be capitalised in accordance with general accounting        principles
  • determine the        appropriate valuation of the asset
  • provide the        appropriate rate of amortisation of a capitalised asset based on its estimated        useful life and
  • provide a basis for        insurance coverage and the external reporting of capitalised assets.

Overview

The   University has a significant investment of public funds in the assets   utilised throughout the University. To ensure that such an investment is   properly managed, controlled and recorded, the State Government has, through   the provisions of the Public   Finance and Audit Act 1983 (NSW), provided a framework in which the University must operate. The Act   also requires the Auditor-General to examine and report annually on the   operations of asset control and reporting.

The Asset Management Section within the   Business Services Unit of the Office of Financial Services (OFS), maintains a register   of all University-owned Capital   Assets as well as a register for those assets   considered Attractive by the University using the Fixed Asset module of   Finance One.

DEFINITIONS
Asset: any item of economic value, especially that which could be converted to cash. An asset can be:
  • Physical or Tangible – an asset which includes   land, buildings, infrastructure, plant, equipment, motor vehicles, work in   progress and works of art
  • Intangible – an asset which includes trademarks, patents, computer software and work   in progress

Attractive Asset: a non-consumable   item usually costing more than $1,000 but less than $4,999 and having a   useful life of two years or more. These items are expensed in the year in   which the expenditure is incurred.

Capital Asset: asset that has   an individual cost or value of $5,000 or more (GST exclusive). The   depreciated values of these assets are recorded in a balance sheet.

Capitalisation: the recording   of an amount as an asset in the University’s balance sheet that could   otherwise have been treated as an expense.

Non-capital Asset: see   Attractive Asset.

Obsolete Asset: asset of no   further use to the University, or with little or no resale value, that has   not yet been disposed of.

Written-down Value (WDV): the value of a capital asset after deducting the accumulated depreciation from its original cost price or fair value when it was acquired.

Scope

This policy applies to all staff and students of   the University and its controlled entities.

It will be of particular relevance to those staff   and students who are involved in managing, reporting and using   University-owned assets. This includes those staff responsible for making   decisions regarding University-owned assets by virtue of their position as Executive   Dean /Dean, General Manager, Head of Office, Asset Liaison Officer, Asset Officer   and user of University-owned assets.

This policy applies to assets regardless of how they were acquired (eg via purchase, through a donation).

Policy

ACQUISITION
All   assets purchased from funds administered by the University are the property   of the University, except where an agreement to the contrary is part of the   conditions associated with a particular grant or contract.

All acquisitions   of Capital Assets will be entered in the Finance One system.

RECORDING
The University   will record all acquisition and disposals of its Capital Assets in the Asset   Register and selective Attractive Assets in the Attractive Asset Register.   This will occur when the asset has been paid for in full.

CAPITALISATION
Capital works costs will   be identified as an expenditure type of either Expense or Capital.

DEPRECIATION   AND AMORTISATION
The University   will depreciate Capital Assets over their useful life.

The University will use the straight line method of depreciation and   review the rates of depreciation annually.

The annual   rates of depreciation for all University acquired assets will be maintained   in the Capital Asset Schedule.

A number of asset classes will not be depreciated, including Land,   Works of Art, Sculptures, Museum collections and the Special Library   collection.

FULLY DEPRECIATED ASSETS ($0 VALUE)
The   Asset Management Section will conduct a quarterly review of nil value   depreciated assets that are on the Asset Register and have not been disposed   to test if an asset is obsolete

DISPOSAL OF ASSETS
Disposal   of a Capital Asset requires approval by the Executive Dean/Head of Office as   well as the Vice-President, Finance and Group Chief Financial Officer, or Deputy Chief Financial Officer.   Approval is required even when the written-down value (WDV) is nil.

Capital Assets (with the exception of motor vehicles) will be disposed of using one of the following methods:
  • direct sale – where financially beneficial to the University and approved by the Vice-President, Finance and Group Chief Financial Officer
  • advertisement in Staff News
  • transfer to another financial unit within the University
  • transfer to an external organisation
  • sale by full public auction
  • disposal by scrapping or dumping
  • removal from the University through e-waste.
Attractive Assets will disposed of by:
  • offering the item to   other areas of the University, and if not wanted,
  • advertisement in Staff   News.

Motor   vehicles will be disposed of by auction   only. An auction will be held when the vehicle has reached approximately   40,000 kilometres, is two years old or is no longer required.

Departure from the above methods of disposal may   be approved by the Vice-President, Finance and Group Chief Financial Officer, the Chief Operating Officer or the Vice-Chancellor.

STOCKTAKE  AND  VALUATION
The University will:
  • value land and buildings every year
  • value property, plant, equipment and collections  over a three year period
  • conduct a rolling stocktake over a  two year period
  • report capital assets annually to the Audit Office of NSW.
COMPLIANCE AND BREACHES STATEMENT
The University may commence applicable disciplinary procedures if a person to whom this policy applies breaches this policy (or any of its related procedures).

Policy Information

Contact OfficerPurchasing and Asset Manager, Office of Financial Services
Date Approved16 July 2012
Approval Authority

Vice-President, Finance and Group Chief Financial Officer

Date of Commencement16 July 2012
Amendment History

14 August 2019 – Updated Approval Authority from Chief Operating Officer and Deputy Vice-Chancellor to Vice-President, Finance and Group Chief Financial Officer in accordance with responsibilities per Delegations of Authority Register.

4 July 2019 - Amendment to position title: ‘Chief, Financial Officer’ updated to ‘Vice-President, Finance and Group Chief Financial Officer’ with effect from 6 June 2019.

25 May 2017 - updated Approval Authority from Chief Operating Officer to Chief Operating Officer and Deputy Vice-Chancellor
12 February 2014 – replace Purchasing Policy / Guideline with Procurement Handbook; updated Position Title to Chief Operating Officer
16 July 2012 – Alignment with the Policy Framework

Date for Next Review16 July 2014
Related Documents

Capital Asset Management Procedure / Schedule
Purchasing Procedure
Procurement Handbook

Legislation

Public Finance and Audit Act 1983 (NSW)
Policies / Rules Superseded by this Policy

Any previous policy or directive on capital asset  management

KeywordsAsset, Capital Assets, Attractive Items, Non consumable items, Depreciation, Asset Liaison Officers, Stocktake, Asset Verifications, Disposals, Acquisitions, Transfers.

PROCEDURE

Purpose

To outline the steps to be followed by staff and students who are responsible for making decisions relating to University-owned assets by virtue of their positions such as Executive Dean, Dean, Head of Office, Faculty General Manager, Asset Liaison Officer, Asset Officer or user of University-owned assets.

Procedure

It is the responsibility of staff to take   appropriate and reasonable measures to identify, safeguard, track and record   all Capital and  Attractive   (non-capital) Assets. Adhering to this procedure will   assist in ensuring compliance with applicable legislation.

This procedure requires actions by the following:
  • Asset   Liaison Officer, Faculty or Office
  • Asset   Officer, Office of Financial Services (OFS)
  • Assistant   Director, Business Services
  • Vice-President, Finance and Group Chief Financial Officer
  • Executive   Dean / Dean /Head of Office
  • Finance   and Facilities Committee
  • Property   Officer, Macquarie Property
  • Purchasing   Officer
  • Staff   member
  • Taxation   and Insurance Officer, OFS
The steps in this procedure are:

Asset Officer

TRAINING
Provide training as follows:
  • train Asset Liaison Officers in correct procedures, including how to ensure the integrity of the Asset Register
  • train newly appointed Asset Liaison Officers in stocktake procedures at the time of their appointment
  • retrain existing Asset Liaison Officers as part of the preparation for a stocktake.

Staff member

ACQUISITION
Enter   Assets into Finance One
When acquiring assets, enter a requisition into the Finance   One Purchasing Module using the correct natural account – eg for plant and   equipment this would be:
Capital   assets                                                5005
Non-capital   assets                                         5006
Information   technology capital projects         5016
Information   technology
equipment/software below $5000                5017
Equipment   and appliances below $5,000      5018
Laboratory   equipment below $5,000             5019
Capital   improvements (Property)                    8205
Capital   improvements (Informatics)                8224
Capital   improvements (Others)                      8225

Asset Officer

Review   Finance One
Provide details of assets by doing the following:
  • note   asset purchases through Finance One that have been identified as an asset but   are not easily recognisable
  • send   details to the relevant Asset Liaison Officer
  • require   the Asset Liaison Officer to provide the complete information, using the   Asset Data Form (ADF), including a serial number and the location as a   minimum, electronically and within five working days (and if possible, prior   to month end).
Reconcile   Assets
Reconcile all capital assets on a monthly basis including the following asset categories:
  • land
  • buildings
  • infrastructure
  • works   of art
  • museum   collections
  • coin   collections
  • library   – Special Collection
  • patents
  • plant   and equipment
  • information   technology assets
Review   Rates of Depreciation
On an annual basis, review the current rates of depreciation assigned to each category, as specified in the Capital Asset Schedule.

Asset Liaison Officer

Provide   details of acquired assets
Complete an Asset   Data Form (ADF) to provide details to the Asset Officer of any assets   that have been acquired but are not on the Asset Report, including any   donated assets.

Administer   assets
Take responsibility for the assets of the financial unit, as follows:
  • match   assets received with a purchase order and stores delivery advice
  • ensure   assets received are in good working order
  • ensure   assets are readily identifiable and records are kept of unique identifying   numbers
  • ensure   assets are adequately secured
  • ensure   staff ceasing duty with the University return all University items in their   possession.

Asset Officer

RECORDING
Record all capital asset details including acquisitions and disposals (sale, transfer, destruction and theft) in the Asset Register.



Calculate   Cost

To calculate the cost of a purchased asset include the:
  • purchase   or acquisition price
  • related   freight costs
  • installation   charges
  • customs   charges and taxes
  • any   other direct costs that are incurred getting the asset into a condition   necessary for its intended use

Direct Costs
To calculate equipment costs, include additional   items even if they were not initially ordered as a single amount as part of   the initial cost (eg items required for equipment that cannot be commissioned   unless all are fitted).

Include software if it is included with the   equipment, and warranty costs for the first year.

Training and Maintenance Costs
Do not include training or maintenance costs, except   where these costs cannot be separated from the acquisition cost.

Information Technology (IT) Equipment
All Information Technology equipment should be   leased. Leased equipment cannot be capitalised unless specific grant funding   has been provided for the purchase of this equipment.

Group Assets
Where the purchase price of a group of assets is   above $5,000, and includes individual items that can operate independently,   do not group the assets but cost them as separate items (eg if you purchased ten   chairs at a total cost of $5,600, the individual value of each chair is $560,   therefore this will not be included in the Asset Register).

Where the purchase of a group of assets is for the   purpose of improvement, and is not merely a replacement of ‘like with like’,   the purchase is to be capitalised.

Record those assets with a cost of $5,000 or more.

Attractive   Assets
Do not record assets costing less than $5,000 in the Attractive Asset  Register, except for:

  • laptops   costing $3,000 or more (no other computer equipment)
  • digital   cameras costing $3,000 or more
  • all   other equipment deemed to be assigned for personal use while employed at the   University eg iPhone, Blackberry, iPad
  • any   other item of equipment the University/Faculty/Office deems an Attractive   Asset where the item cost more than $1,000 but less than $4,999 (GST   exclusive) and have a useful life of two years or more.
Note that these items are recorded to assist with expenditure control purposes at the financial unit level, and for security and insurance purposes, as they are considered to be at risk of theft. Attractive items are expensed in the year of acquisition

Property Officer

CAPITALISATION
Determine   Major Capital Works Category
Before commencing major capital works (eg building related, major Information Technology ( IT) project), determine whether the project is for capital improvement or repair and maintenance, as follows:
  • capital   improvement involves making significant additions, alterations, renovations   or structural changes that extends the useful life or adapts the space for   changing needs or standards. It also includes enhancements and improvements   to the value and/or performance of the original asset (eg the replacement of   a roof using better materials is a capital improvement and is to be   capitalised)
  • repair   and maintenance involves restoring an item to its normal operating condition   or to prevent further deterioration and service interruption. This includes   minor improvements that enhance appearance but do not change the   functionality of the asset. Payments of this nature should be expensed in the   year purchased.
Note that natural account 8205 (managed and controlled by Property in conjunction with OFS) has been established for work in progress capital improvements. Natural accounts also exist for Informatics (8224) and for all other items (8225).

Asset Officer

Identify   Capitalisation and Expense costs
The Property Officer provides monthly reports of the   capital project against planned deliverables, timelines and approved project   budget.
Receive these reports and identify what is to be   capitalised or expensed and make the necessary movements from the work in   progress account.

Capitalisation of costs should begin when a project has been approved with the intent it will be completed. For a rejuvenation of existing buildings/infrastructure project or IT project, the stage of the project determines whether the costs are to be capitalised or expensed. There are three stages for capitalisation purposes:
  • Stage   One - Preliminary
    Activities in the initial   investigation, scoping and feasibility phases occur before the project is   approved to proceed. These activities include relocation of existing tenants   and related decanting costs, and demolition of old construction. Costs   associated with these preliminary steps are not considered to be part of   major capital works and are therefore to be expensed as incurred.
  • Stage   Two - Construction
    Once the project and   funding has been approved, activities in the construction phase begin. These   include design, documentation/specification, site preparation (including site   preparation of old construction), construction and fit out.
  • Stage Three - Post-construction
    Post-construction   activities are those performed once construction has been completed. For   buildings, the completion date would be the date shown on Certificate of   Practical Completion, which is issued by a registered architect.   Post-construction includes costs for remedial work to end of warranty period,   removalist costs and on-going maintenance costs.

Capitalisation of costs should cease when the   Project Sponsor has signed off that project objectives have been met and that   the project is complete and ready for its intended use.

On a monthly basis, work with Informatics and the   relevant Capital Works Project Manager to compile a report on work in   progress for capital improvements and send it to the Asset Officer.

Examples of costs to be capitalised (subject to the   capitalisation threshold) and expensed are provided in the table below:

Project     Stage/Phase Activity/Cost Item Description Expenditure Type
Preliminary Stage
(before approval to proceed)
  • initial investigation
  • scoping
  • feasibility
  • relocation
  • demolition of old construction
Expense (Investigate possibility of using Asset Revaluation Reserve)
Preliminary Stage
  • obtaining planning and building     permits
Capitalise
Construction Stage
  • obtaining planning and building     permits
  • detailed design and     specification
  • site preparation
  • construction
  • project management/contractor     costs directly attributable to that project.
  • fit out costs
  • initial delivery and handling     costs
  • installation costs
  • professional fees for architects     and engineers
Capitalise
Post-construction Stage
  • recurring maintenance and     Infrastructure support
  • ongoing administrative costs     of running the facilities (ie any cost that cannot be directly attributable     to a particular new acquisition or building, is not be capitalised).
Expense

Staff Member

DISPOSAL
Note that:
  • disposal   includes sold, transferred, written-off and stolen assets
  • the   sale of second hand equipment by the University is subject to GST
  • the Executive Dean/ Dean / Head of Office is   responsible for ensuring the appropriate disposal methods are followed and   eliminating any conflict of interest as part of the sale.
Prior to disposal, work with the Asset Liaison Officer to complete an Asset   Data Form and include the following information:
  • the   asset number and description of the asset
  • the   reason for the disposal
  • the   proposed method of disposal, which varies depending on the type of asset and   its value.
  • a   confirmation email or signature from the Executive Dean/ Dean /Head of Office   authorising the disposal.
Where the asset number is not known, then a description of the asset will be required as well as the asset:
  • purchase   order number
  • initial   cost
  • current   written down value
  • serial   number
  • current   location
  • current   custodian.

By   Sale
The   method of disposal used for the sale of assets (with the exception of motor   vehicles) will depend on the Written Down Value of the asset being disposed.

A direct sale is only applicable where an item is   unique and the sale is financially beneficial to the University.

When the original asset cost under $5,000:
  • check   whether any other area of the University is able to utilise the asset (for office   furniture, use the Macquarie University Furniture and Electronic Re-Use and   Recycling Scheme). If   not,
  • obtain a written   recommendation for the sale from the Executive Dean/ Dean/ Head of Office
  • refer the   recommendation to the Asset Officer for the appropriately delegated officer   to determine whether to approve the sale
  • then advertise the item for sale in Staff News.
When the original asset cost $5,000 or more (except for motor vehicles):
  • arrange   for a full public auction, or
  • submit   a case to the Vice-President, Finance and Group Chief Financial Officer for approval to sell by other   means.
A full public auction will involve:
  • advertising   the item(s) for sale in internal publications (eg Staff News) or in external newspapers
  • an   open auction where the highest bidder wins the purchase of the asset
  • the   Faculty/Office conducting the auction, sending all bidding details to the Asset   Manager
  • the   Asset Manager recording the highest bid and providing this information to the   Faculty/Office
  • the   Faculty/Office informing the successful bidder
  • the   Faculty/Officer issuing an official University receipt to the purchaser upon   receipt of payment for the asset.
Motor Vehicles
Disposal of motor vehicles is by auction. This is to occur once the vehicle:
  • has reached   approximately 40,000 kilometres, or
  • is two years old, or
  • is no longer required.

The   auction must be arranged by the Purchasing Section, Office of Financial   Services, through the University's selected auctioneer or, occasionally by   trade-in.

For all sales, record   acceptance of the highest offer or advertised price. Issue a tax invoice to   the purchaser within 28 days of the date of sale.

By   Transfer
Note that all assets purchased from funds   administered by the University are the property of the University. The only   exception is where an agreement to the contrary is part of the conditions associated   with a particular contract or grant, and this has been agreed by the Vice-President, Finance and Group Chief Financial Officer.

Transfer within the University
Where responsibility for an asset changes from one   financial unit to another, written acknowledgement along with an updated Asset   Data Form is required from the delegated authority of both financial   units.

Report to the Asset Officer a transfer involving the   physical movement of an asset but no change in responsibility.

Transfer to an External Organisation
Transfer of an asset to another organisation is only possible when:
  • the   Executive Dean / Dean/ Head of Office certifies that the asset is not   required for use within the University by other members of staff in their   research or other professional duties
  • the Vice-President, Finance and Group Chief Financial Officer, or the Deputy Vice-Chancellor (Research) approves the   transfer, and
  • the Vice-President, Finance and Group  Chief Financial Officer, or the Deputy Vice-Chancellor (Research) has   negotiated an agreed price for the transfer with a counterpart at the other   organisation.
In addition, when a current research project is transferred to an external organisation, it is also possible for assets to be transferred but only where the following conditions are met:
  • the   particular grant or contract must contain a condition that these assets   revert to the external organisation at the conclusion of the agreement
  • the   assets must have been purchased for the project using external research   funds, and
  • agreement   must be reached between the University and the other institution. The Vice-President, Finance and Group Chief Financial Officer and the Deputy Vice-Chancellor (Research) are delegated to commit the   University in such negotiations.
Due   to Theft or Destruction
  • on   campus – contact Security on 9850 7112
  • off   campus – notify the Police and then inform Security on 9850 7112
  • in   all cases notify your immediate supervisor and the Asset Liaison Officer / Executive   Dean/ Dean/ Head of Office, and Taxation and Insurance Officer.

Write-off
An asset must be written off if it is not in use or   has no value.

Other   Assets
Assets not covered by the above that are reported as being disposed are required to be destroyed, disposed of appropriately by e-waste, recycled or cannibalised, with useful components kept as spare parts if appropriate.
Taxation and Insurance Officer

Advise the Asset Officer of any reported asset   thefts.

Asset Liaison Officer

Notify   Asset Officer of all disposals
Notify the Asset Officer of all disposals of assets by   submitting an Asset Data Form.

Asset Officer

Update   Asset Register
Receive notification of disposal of assets and prepare   a report for the Vice-President, Finance and Group Chief Financial Officer and the Finance and Facilities   Committee.

Remove an asset from the Asset Register (ie write-off the asset) in the following circumstances:
  • sale   of the asset
  • obsolescence   of the asset due to it being:
    • no   longer operational and uneconomical to repair
    • uneconomical   to maintain or service
    • surplus   to requirements
    • technologically   redundant or inferior and it does not make commercial or operational sense to   keep (ie it has become aged and it is operationally inefficient or lacks   commercial sense to maintain or it forms part of a larger asset eg a computer   network that is not compatible with newly acquired items within that a larger   asset set)
  • theft,   destruction or misplacement
  • transfer   to another organisation.

Review   and Report Assets
Conduct a quarterly review of all assets that are on   the Asset Register with a nil value. Each financial unit will determine whether   those assets are still in use, and if so, determine and advise the value of   each asset (if practical) and its effective life. Write-off an asset that is   not in use or has no value.

Report all capital assets sold or otherwise disposed   of to the Finance and Facilities Committee of the University Council.

STOCKTAKE
Conduct a rolling two year stocktake of all physical   assets to help reduce losses, and to ensure the information on the Asset   Register is correct.

The Audit Office of New South Wales requires the   University to provide written certification as to the existence and condition   of all capital assets at year-end. This is in addition to any asset stocktake   held during the financial year. Therefore, by November of each year, send an   email to the Asset Liaison Officer and Executive Dean/ Dean/ Head of Office   and include a list of all capital assets that are recorded on the Asset Register   that are attributable to that financial unit.

Organise   a Stocktake
Agree with the Asset Liaison Officer a date and time   for a stocktake.

Supply an Asset Report (extracted from the Fixed Asset Register), in advance of the stocktake and select random items from the list for verification.

Asset Liaison Officer

Prepare   for a stocktake
Prepare for the stocktake by reviewing the list of   assets and arranging for access with the relevant custodians.

Perform   a Stocktake
Either you or the relevant Executive Dean/ Dean/ Head of Office must:
  • ensure   and certify that the selected assets on the Asset Report are accounted for
  • ensure   that missing assets are noted and action is taken to locate them
  • detail   the circumstances relating to any assets declared missing (eg the steps taken   to locate such assets)
  • advise   the Asset Officer of any assets that are obsolete, unused or missing and arrange   for them to be written-off
  • ensure   the details of all assets on the Asset Report are correct
  • advise   the Asset Officer of any assets that should be included on the Asset Report   providing all relevant details such as the cost, date of purchase, supplier,   location, custodian etc.
  • sign   to confirm the assets have been the subject of the stocktake, certifying the   observations made and any actions required, and
  • arrange   for the Asset Officer to co-sign the document.

Purchasing Officer

Dispose of Motor Vehicles
Arrange the disposal of a motor vehicle through the   University’s selected auctioneer, or occasionally by trade-in. Auctions must   only be arranged through a Purchasing Officer, Business Services Section.

Report all sales to the Asset Manager and Tax Officer, providing the post sale summary report from the Auctioneer.

Executive Dean/ Dean /Head of Office

Verify   Assets
At the end of each calendar year, provide written certification (via email) to the Asset Officer that the assets listed:
  • exist
  • are   in good order
  • are   under the custody of their financial unit, and
  • that   the details of the assets are accurate.
Vice-President, Finance and Group Chief Financial Officer Approve the disposal of Capital assets and provide a report of these disposals to the Finance and Facilities Committee.
Finance and Facilities Committee

Receive a report of the disposal of all capital   assets.

Assistant Director, Business Services

VALUATIONS
Organise valuations of University assets, as follows:
  • Property, Plant and Equipment Engage external   professional valuers to determine the fair value of land, building, plant and   equipment, and infrastructure.

    Arrange a full-scale   valuation over a three year period for plant and equipment and a full   valuation of land and property every twelve months.

    Use this information to:
    • inform   the insurance portfolio
    • provide   accurate and up to date information for balance sheets and end of year   financial reporting.
  • Collections Every three years, engage   a specialist in the relevant field to value unique assets such as artwork, library   collections and museum collections.

Procedure Information

Contact OfficerAsset Officer
Date Approved16 July 2012
Approval Authority

Vice-President, Finance and Group Chief Financial Officer

Date of Commencement12 July 2012
Amendment History

14 August 2019 – Updated Approval Authority from Chief Operating Officer and Deputy Vice-Chancellor to Vice-President, Finance and Group Chief Financial Officer in accordance with responsibilities per Delegations of Authority Register.

4 July 2019 - Amendment to position title: ‘Chief, Financial Officer’ updated to ‘Vice-President, Finance and Group Chief Financial Officer’ with effect from 6 June 2019.

25 May 2017 - updated Approval Authority from Chief Operating Officer to Chief Operating Officer and Deputy Vice-Chancellor
15 July 2014 – amend natural account code (Property); extend Date for Next Review
14 February 2014 – replace Purchasing Policy / Guideline with Procurement Handbook;  updated position title to COO
16 July 2012 – alignment with University Policy Framework

Date for Next Review16 July 2015
Related Documents

Capital Asset Management Policy / Schedule 
Purchasing Procedure
Procurement Handbook

Asset   Data Form

Macquarie University Furniture and Electronic Re-Use and Recycling Scheme
KeywordsFair Value, Capital, Asset, Asset Liaison Officer

SCHEDULE 1 - Depreciation

PurposeTo detail the current annual rates of depreciation for newly acquired assets. All values are in AUD.

Schedule

Item Annual rate
Land (not depreciated) 0%
Works of art (not depreciated) 0%
Special library collection (not depreciated) 0%
Sculpture (not depreciated) 0%
Museum collection (not depreciated) 0%
Buildings (based on remaining useful life)1.72 – 33.33%
Infrastructure (based on remaining useful life)4.76 - 5.%
Intangibles5%
Plant and equipment (including furniture, scientific and office equipment, and usually plant, whether integral to a building or not) 10%
Motor vehicles 15%
Library and teaching collections 20%
Computing equipment 30%
Medical equipment over $200,00010%
Medical equipment under $200,00020%
Short Term IT Assets (Ancillary Systems)10%
Long Term IT Assets (Core Systems)5%

Schedule Information

Contact OfficerDeputy Chief Financial Officer-Operations
Date Approved16 July 2012
Approval Authority

Vice-President, Finance and Group Chief Financial Officer

Date of Commencement16 July 2012
Amendment History

14 August 2019 – Updated Approval Authority from Chief Operating Officer and Deputy Vice-Chancellor to Vice-President, Finance and Group Chief Financial Officer in accordance with responsibilities per Delegations of Authority Register.

25 May 2017 - updated Approval Authority from Chief Financial Officer to Chief Operating Officer and Deputy Vice-Chancellor

Date for Next Review16 July 2014
KeywordsAsset
Policy AuthorisationCapital Asset Management Policy
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