Asset management

What is the difference between an Asset and an Attractive Item?
Assets (Capital Expenditure) are defined as buildings, equipment, plant & machinery, furniture and library books costing individually $5,000 (ex-GST) or more.

Attractive Items have a value between $300 and $4,999 (ex-GST) and include:

• Computer equipment such as PCs, lap tops, printers, mobile phones, etc.
• Musical instruments
• Design and multimedia and digital equipment.

What items need to be capitalised on the Asset Register?
Individual items costing more than $5,000 (ex-GST) need to be capitalised on the Asset Register.

Should computers be placed on the Asset Register?
The University deems computers less than $5,000 (ex-GST) as Attractive Items, and therefore required to be added to the Attractive Items register.

What Category do I use on my Requisition to purchase an Asset?
Category Descriptions with an * at the beginning denote an Asset Profile. When purchasing an Asset, you must select a Category with an Asset Profile to ensure an Asset Approver is automatically inserted into the approval workflow.

What Account code do I use on my Requisition to purchase an Asset?
All requisitions for Asset purchases will use 7004 (Asset Management Suspense Account).

Who can approve the purchase of an Asset?
An Asset of more than $5,000 will require Deputy Vice-Chancellor's approval. These approver(s) need to be manually inserted into your requisition as 'ad hoc' approvers.

Why do we need to perform stock takes every year?
It is an audit requirement that stock takes are performed annually by the University. Separate stock takes will be conducted for Assets and Attractive Items.

It is an audit requirement that stock takes are performed annually by the University. Separate stock takes will be conducted for Assets and Attractive Items.

When can I dispose equipment from the Register?
Assets should be disposed/written off from the asset register when they are no longer in the possession of the University. Use the Asset Disposal form.

What is the process for scrapping an Asset?
Complete the Asset Disposal form (ensure it is signed by your Dean). Submit a copy to the Financial Accountant by email to finance@federation.edu.au.

What is the process for scrapping an Attractive Item?
Complete the Asset Disposal form (ensure it is signed by your Dean). Disposal forms for Attractive Items are to be maintained by the School/Section/Portfolio in a dedicated file for the external auditor for stocktake.