In the case of redundant equipment or instances may arise where staff members wish to purchase equipment, in particular Computers, Laptops, IPad, Printers etc., which is no longer in use by the Institute.  Furthermore, a staff member who has sole use of equipment may wish to purchase it before the end of the asset’s useful life.

The following procedure sets out the process to be followed in such instances to facilitate staff purchases while meeting audit requirements.

PROCEDURES

• The individual staff member should contact the Fixed Assets Team in the Finance Department, to request an independent valuation of the asset(s) being purchased.
• The Fixed Assets Team will arrange, through the Procurement office to source an independent market price for the asset(s).  {The higher of the Net Book Value of the asset or €100 per asset.}
•  The Finance Department will then approve a price (notifying the Financial Controller and President if need be) and notify the individual staff member.
• The Purchase Asset and Disposal Forms (see Appendix III and IV) should then be completed and forwarded to the Fixed Assets section of the Finance Department.  The forms must be signed by the staff member purchasing the asset and the relevant Head of Department/ Function.
• The asset(s) will transfer to the staff member on receipt by the Finance Department of Cheque, Bank Draft or Cash for the approved price.
• A receipt will be issued to the purchaser when proceeds have been received by the Finance Department.