U3A NOOSA Inc. holds a range of assets which have been purchased over time to perform the business of the association. The model rules require the Committee to control and manage the affairs of the association. Our insurances BY DEFAULT require us to name, manage and monitor all equipment that is worth more than $300.
This policy describes how assets will be managed and monitored across U3A NOOSA Inc. in order to ensure due diligence regarding equipment purchased with members’ funds and to allow us to meet our insurance responsibilities.
Management Committee for observance.
- For convenience, assets covered by this policy are classified as:
1.1. Significant items – those costing more than $300, which have a life expectancy of more than one year and are identified in the depreciation schedule generated by the auditor.
1.2. Printing equipment – regardless of value.
1.3. Computing Equipment – regardless of value.
1.4. Audio Visual Equipment – regardless of value.
1.5. Furniture and Fittings.
1.6. Musical Instruments.
1.7. Portable (and attractive items) High Risk – those items which do not fall above the $300 threshold, are not referenced elsewhere, but are potentially a high risk of theft (e.g. easels).
1.8. Other assets – those whose value does not exceed $300 and are used to carry out the associations business at various locations, and which are not specified elsewhere.
Asset Management Policy
Publication date: 1 December 2020. All members
Responsible person: Treasurer
Scheduled review date: At least once every three years as determined by the Committee
- Acquiring assets
2.1. All assets must be purchased according to the Financial Commitments and Payments Policy.
2.2. Upon acquisition the asset must be recorded in the Asset Register and coded according to the specifications in 1 above.
2.3. The person who has authorised the purchase of the asset must advise the Treasurer that the item is to be added to the register.
2.4. The Treasurer must place the revised register in the centralised electronic repository.
2.5. If the acquired asset has a value of over $300, the Treasurer needs to notify the insurer of the new asset, its value and location.
- Recording of assets
3.1. All assets are to be recorded in the Assets Register (Attachment A)
3.2. This register will be maintained by the Treasurer.
3.2.1. Those items known as other assets need be recorded with only enough information to enable their positive identification.
3.3. All other equipment will be considered consumable items and will not be recorded on the register (e.g. data cables).
- Responsibility for Asset Register.
The Treasurer will have responsibility for the Assets Register ensuring that it is established, kept up to date, reviewed annually, and filed in the CER so that it is accessible should the Treasurer resign from his/her position, or the association.
- Storing assets
5.1. All assets which are classified as insurable items must be securely stored.
5.2. Other assets should be protected using a common-sense approach.
- Accessing assets
6.1. Procedures for accessing and returning insurable assets must be in place.
6.1.1. The Treasurer will be responsible for designing and implementing these procedures.
6.1.2. Code O items may be managed through informal processes commensurate with the value of the assets involved.
6.2. Volunteers will be briefed about the procedures at induction.
6.3. It should be noted that regarding all assets, members are personally responsible for items that have been signed out to them and are also liable for any loss or damage not recoverable from U3A NOOSA Inc. insurers.
- Monitoring Assets
7.1. The Treasurer will conduct an annual audit or stocktake of the assets (excluding Code O items) on the Register and make recommendations from the audit to the Committee. Such recommendations may include replacement of assets.
7.1.1. The audit should reflect where possible the asset’s value and remaining useful life.
7.2. Where an annual audit or stocktake of assets reveals loss or suspected theft the Treasurer will refer the matter to the appropriate coordinator who will forward them to the Committee.
7.2.1. The Committee will decide whether to
126.96.36.199. Advertise the loss in the Newsletter and seek its return
188.8.131.52. Approach the person who can be identified from records as having last accessed the asset and request their response to its whereabouts.
184.108.40.206. Consider more extensive action under Rule 12 if theft is evident and provable.
- Writing off assets
8.1. Assets can only be written off on the authority of the Treasurer.
8.2. Assets may be written off if they are:
8.2.1. broken or damaged beyond cost effective repair.
8.2.2. outdated and can no longer serve the purpose for which they were purchased (e.g. old technology)
8.2.3. no longer available for use as determined by the Treasurer, for example after the processes described in 7 above.
8.3. Assets that have been written off should be appropriately disposed. See 9 below.
- Disposal of assets
9.1. Where assets have been identified for disposal they should be:
9.1.1. Offered to members for purchase,
9.1.2. Offered to the public, or
9.1.3. Offered to a reputable charity, or
9.1.4. Disposed of in an environmentally sustainable way (e.g. using a recycling centre) wherever possible.
9.2. Disposal to landfill should be the action of last choice.
9.3. All disposal must be transparent and conform to ethical principles.
Procedures are not deemed necessary for this policy.
|Approval and Amendment History||Details|
|Author and Date
|21 December 2021 Mike MacDonald
|Approval Authority||This Asset Management Policy was adopted by the Management Committee and minuted as such, on 8 February 2021|
|Amendment Authority and Date||This Asset Management Policy was amended by the Management Committee and minuted as such, on Day Month Year|
Records Management www.u3anoosa.com.au\about us\policies\AssetManagementPolicy V1.0
Related Policices: Nil