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Finance Department

22. Assets

22.1 Land, buildings, fixed plant and machinery

The purchase, lease or rent of land, buildings or fixed plant can only be undertaken with authority from the Finance & General Purposes Committee and with reference to HEFCE requirements where exchequer-funded assets or exchequer funds are involved.

22.2 Fixed asset register

The Treasurer is responsible for maintaining the University’s register of capital assets. Budget Officers will provide the Treasurer with any information he or she may need to maintain the register.

22.3 Property register

The Director of Estates and Buildings is responsible for maintaining a full register of properties owned or occupied by the University.

22.4 Inventories

22.4.1 Budget Officers are responsible for maintaining inventories, in a form prescribed by the Treasurer, for all plant, equipment, furniture and stores in their departments. For items with a value in excess of £2,000, individual details are required; for assets valued below £2,000 a total value is required. The inventory must include items donated or held on trust.

22.4.2 Inventories must be checked at least annually as described in the University’s detailed financial procedures.

22.4.3 When transferring equipment, etc between departments, the transfer must be recorded, a copy of the record sent to the Treasurer and the inventories amended accordingly.

22.5 Stocks and stores

22.5.1 Budget Officers are responsible for establishing adequate arrangements for the custody and control of stocks and stores within their departments. The systems used for stores accounting in departments must have the approval of the Treasurer.

22.5.2 Budget Officers are responsible for ensuring that regular inspections and stock checks are carried out. Stocks and stores of a hazardous nature should be subject to appropriate security checks. Advice may be obtained from the Health and Safety office, whose website is at: http://www.dur.ac.uk/healthandsafety/office/

22.5.3 Those Budget Officers whose stocks require valuation in the balance sheet must ensure that the stock-taking procedures in place have the approval of the Treasurer and that instructions to appropriate staff within their departments are issued in accordance with advice contained in the University’s detailed financial procedures.

22.6 Safeguarding assets

22.6.1 Budget Officers are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They will consult the Head of Security in any case where security is thought to be defective or where it is considered that special security arrangements may be needed.

22.6.2 Assets owned by the University shall, so far as is practical, be effectively marked to identify them as University property.

22.7 Personal use

Assets owned or leased by the University shall not be subject to personal use without proper authorisation.

22.8 Asset disposal

22.8.1 Disposal of equipment and furniture, whether by sale or otherwise, requires the prior written authorisation of the Treasurer and must be in accordance with the University’s detailed financial procedures.

22.8.2 Disposal of land and buildings must only take place with the authorisation of the Finance & General Purposes Committee or Council. HEFCE consent may also be required if exchequer funds were involved in the acquisition of the asset.

22.9 All other assets

Budget Officers are responsible for establishing adequate arrangements for the custody and control of all other assets owned by the University, whether tangible (such as stock – see above) or intangible (such as intellectual property – see section 19), including electronic data.

22.10 Letting of University property

22.10.1 The letting of University property will be subject to arrangements approved by the Director of Estates & Buildings in accordance with University policy.

22.10.2 Arrangements whereby staff occupy University property under their terms and conditions of employment are additionally subject to the approval of the Director of HR.

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