ROLE AND DUTIES OF FOA ASSET REPRESENTATIVE

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1 ROLE AND DUTIES OF FOA ASSET REPRESENTATIVE ACCESS You are required to have DFMS Asset User Responsibility for your Division/Faculty in Oracle Financials. Having this access will enable you to: Up-date Responsible Person and Campus/Room Location information in the Asset Register for assets in your Division/Faculty. (see Up-dating the Asset Register) To gain DFMS Asset User Responsibility you must complete a DFMS Application Form, and have the head of your budget centre approve the application. UP-DATING THE ASSET REGISTER Each Asset, recorded on the Asset Register must have a Tag Number and Serial Number. Campus, Building/Room Location and Person Assigned the equipment must all be up-to-date. It is advised that the Asset Representative run a report in BIS quarterly to review that Asset Information on Asset Register is complete and current. (The Fixed Assets Officer will provide this report, upon request, if the Asset Representative does not have access to BIS.) Asset Representatives are required to: Up-date the Asset Register when staff within your Division/Faculty leave, and allocate any equipment in their name to another staff member. Make Campus and Building/Room Location changes when equipment within your Division/Faculty is relocated. Notify Finance Asset Staff with relevant Asset Information when requested. (If you have large quantities of changes to be keyed, this information can be passed on to Fixed Assets Staff in Finance to be processed). TAGGING EQUIPMENT Distribute Asset Barcode Tags, to staff who raise Purchase Orders, for new equipment to ensure new acquisitions are tagged as soon as the equipment is delivered to the University. Provide Asset Information, including Tag Numbers, Serial Number, Campus and Room Location and Responsible Person to Finance Asset Officer as requested. (Should more tags be required notify the Fixed Assets Officer in Finance).

2 ASSET TRANSFERS Should you require equipment to be transferred to a different Faculty, School or Other Area, an Asset Transfer Form must be completed and signed by both budget centres involved in the transfer and then returned to the Finance Department to be processed by Assets Staff. Assets cannot be transferred for funds (ie sold ) to another Faculty or Other Area. ASSET LOANS Assets may be loaned out at the discretion of the Faculty or Other Area Head. Asset Loan Forms are for stocktake purposes only. An Asset Loan Form must be completed prior to the commencement of an Asset Stocktake, for Equipment loaned for continued personal use off campus - such as a computer. These Forms will be accepted in lieu of an Asset being sighted at stocktake time. (See further information under Preparation for Stock-takes). The Asset Representative should keep a Loan Log Book for recording Equipment loaned on an ad-hoc basis such as a projector. This is to ensure the location of equipment is known by the department at all times. Fixed Asset Staff may request to view this Log Book during stock-takes. STOCKTAKES It is preferable that stock-takes for each budget area are conducted at more or less the same time on each campus. You will be required to help set the stock-take dates. If you cannot assist with the stock-take yourself you must organise a staff member to assist with locating equipment during the stock-takes. This staff member must have knowledge of equipment locations and be able to gain access to offices and various areas where your assets are located. PREPARATION FOR STOCKTAKES Several weeks prior to your stock-take, Finance Assets staff will provide you with a list of all the equipment that is to be sighted during stock-take. Check list with regard to equipment location and staff changes. Location and staff alterations must to be keyed prior to the stock-take. Asset Disposal Forms should be completed for assets that you know no longer exist but still remain on your Asset list. These Forms should be authorised by a

3 staff member with $25, signing authority and returned to Finance Asset Staff prior to stocktake. Identify equipment on this list that does not have an Asset Tag Number - you must ensure the asset has a tag and then provide this Tag Number to the Assets Officer (quoting the Purchase Order Number of the equipment) so the information can be keyed prior to stock-take. All equipment on this list that has unknown listed in any of the columns MUST have the corrected information keyed prior to stock-take. Asset Loan Forms are for stocktake purposes only. Asset Loan Forms should be distributed to all staff and/or students that have equipment out on loan (ie. in their home). These Forms must be completed and returned to Finance Asset Staff prior to a stocktake commencing and will be accepted in lieu of the Asset being returned for viewing. A new Form must be completed and returned to Fixed Asset Staff for each year a stocktake is conducted. (The equipment identified by the Asset Loan Forms as on loan will be marked with a stock-take date on the Asset Register and will be removed from the list of assets needing to be sighted. The purpose of this is to ensure that valuable time is not spent looking for equipment that is not to be found on campus. It will also help keep track of equipment that has been borrowed, and help ensure that this equipment is returned to your Division/Faculty if that staff member should leave the University or move to another Department within the University.) If you have kept track of the movement of assets in your area and up-dated the Asset Register accordingly, there should not be a large quantity of alterations to key, however if you find that you do not have the time to key these alterations, return the information to Fixed Assets staff in Finance, to be processed before stock-take begins.) If all this information is processed prior to the stock-takes taking place then the stock-takes will be a quick and simple process. STOCKTAKE COMPLETION Meet with Asset Staff following stocktake to review follow-up work required in order to draw stock-take to a close. 1. A stocktake outcome report will be sent to FGM and OA Heads by Finance Asset Officer at the end of a stocktake. 2. Following enquiry within an allocated time frame, Assets that remain missing or unaccounted for must be written-off by FGM and OA Heads with the provision of authorised Asset Disposal Forms.

4 3. The matter of remaining missing or unaccounted for Assets will be escalated to the Manager Financial Services (FBSD) at the end of each quarter for further investigation if no action has been taken. DISPOSAL OF ASSETS Equipment, which is obsolete or surplus, to a Faculty/Division, should be offered for sale by tender as the preferred method of sale. (See Tender process below.) Equipment can be disposed by Trade-In if a good price is being offered. There is no requirement for the tender process. Asset Disposal Forms MUST be completed for all equipment sold, scrapped, stolen or missing. This Form must be signed by a Staff Member with $25, signing authority and should be sent to Fixed Assets Staff in Finance in the same month as the disposal. You should be involved in any tenders that are organised for sale of equipment within your Division/Faculty. Ensure the proceeds from the sale of equipment are put into the correct account. Contact Asset Team Leader in Finance if you are unsure which account to use. Provide Asset Disposal Forms where necessary. At times you may be contacted by Finance Assets staff, requesting assistance in tracking the details (and providing an Asset Disposal Form if necessary) for an asset which has been sold and the funds put into the 5701 (proceeds from sale of Assets) account, but no other information has been provided. TENDERS: All equipment being offered for tender should be advertised through the Deakin University portal site. Advertising in a daily newspaper etc. is at the discretion and cost of the budget centre selling the equipment. It may be desirable to advertise the equipment in a trade journal or national newspaper. Advertisements offering equipment for tender should include the following: Description of the goods An opinion of the condition of the goods

5 The name and phone number of the person to be contacted to arrange inspection The date tenders are to close. (This will normally be 2 weeks from publication The highest bid will not necessarily be accepted Tenders are to be addressed to and forwarded to the School/Division offering the equipment for tender All goods are sold as is, where is with no warranty The purchaser shall be held responsible for making good any damage to property or buildings as a result of removal of the equipment. It is the responsibility of budget centres to receive tenders, and to provide a locked tender box which should be located within the budget centre. The tender box, and the tenders within, must not be opened until after the closing time of tenders. Offers from Faculties or Other Areas are to be accepted at nil cost - over all other offers. It is the responsibility of the budget centre to notify the successful bidder and/or to raise a tax invoice to them at the agreed price. The agreed price will be deemed GST inclusive. The successful bidder must pay the full invoiced amount in cash or bank cheque to the cashier who will issue an official receipt. The department is authorised to release the equipment only on production of an official receipt by the bidder. SALE: Natural Account 5701 is for the proceeds from Sold or Traded Assets that appear on the Asset Register. Natural Account 5920 is for the proceeds from Equipment not listed on the Asset Register. Equipment that is sold is subject to GST. Asset Disposal Forms MUST be completed for all equipment sold, scrapped, stolen or missing. This Form must be signed by a Staff Member with $25, signing authority and should be sent to Fixed Assets Staff in Finance in the same month as the disposal.

6 TRADED: (This procedure is for equipment only Traded Vehicles MUST be handled by the Logistics Division.) Equipment that is traded-in on new equipment is subject to GST and MUST have a Deakin Tax Invoice raised for the item to be traded. The GST Code for Traded Assets is Details of the Trade-in should also be mentioned on the Purchase Order of the new equipment. However the full price of the new equipment must be raised and not the difference after trade-in. In addition to the Tax Invoice an Asset Disposal Form MUST be completed (quoting Tax Invoice Number), and sent to Fixed Assets Staff in Finance in the same month of Purchase/Trade-in. STOLEN / MISSING: Equipment thefts must be reported to Property Services Division security staff as soon as they are discovered. Insurance Risk Manager, Anita Amour (ph ), in Financial and Business Services Division, should be notified to see if an Insurance claim needs to be made. Police Reports and any other paperwork (eg Insurance Claim) from the resulting investigation should be sent with an Asset Disposal Form to Assets Staff in Financial and Business Services, Geelong Campus. SCRAPPED: Equipment should only be scrapped if it has no re-sale value. Scrapped equipment may be used for spare parts or thrown out; either way an Asset Disposal Form must be completed and sent to Assets Staff. If you have any questions, arising from this information or any other matter, please contact the Fixed Assets Officer in the Finance Division. All Forms can be obtained from the Fixed Assets Staff or can be downloaded from the Financial and Business Services web page: Forms will only be valid when signed and dated by Staff with appropriate signing authority.