The Head of Function where the asset resides is responsible for filling out a Disposal of Capital Assets Form. The principle underlying this process is that it is the Heads of Functions, who initiated or approved the purchases of the fixed assets for their departmental use; consequently they have the primary fiduciary responsibility to manage, control and safeguard such Institute assets.
To ensure maximum benefit is obtained from these assets in the course of providing educational instruction to students and that maximum return is obtained by the Institute in the event of asset disposal.
The disposal form must clearly identify;
The relevant asset,
The reason for disposal,
The suggested method of disposal,
- Memo as to Method of Disposal (Explaination to the method ofdisposal used; e.g if used for parts – state location of the disposed item and why it is been used for parts; if Recycle – state how this was done; if Donated – state who received the asset(s) and the process (if any) e.t.c.
- The original cost and Dundalk Institute of Technology’s Asset Tag Number/Barcode
The next step is for;
The Heads of Department/Function to get approval for the asset disposal.
If the Net Book Value of the asset is under €2,500, then the Director must sign the form to approve the disposal, BUT
If the Net BookValue of the asset is above €2,500 then the Finance & Audit Committee must approve disposal and the reference of the meeting approving the disposal should be entered on the form and passed to Governing Body for approval at the next meeting.
|APPENDIX III Disposal of Capital Asset Form||84.65 KB|