University Secretariat and Legal Counsel

University Secretariat and Legal Counsel

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Policy on Tracking Moveable Assets

Category:  Finance

Approval: Vice-Principals' Operations Committee

Responsibility: Associate Vice-Principal (Finance)

Date initially approved: January 12, 2015

Date of last Revision:


Definitions:

Acquisition cost: Includes the purchase price and related freight, installation, customs charges, taxes (net of rebates) and other direct costs of getting the asset into condition necessary for its intended use. The acquisition cost for donated assets is the appraised market value. The acquisition cost for transferred assets is the replacement cost.

Moveable Asset: An article of portable, tangible property (i.e., having physical existence), regardless of costs and useful life. This includes furniture or equipment that is not affixed to any part of a room or building. It also includes those pieces of furniture or equipment that are attached to a room or building, but (1) are not permanently affixed, (2) can be removed without costly or extensive alterations or repairs to the building to make the space usable for other purposes, and (3) can be used after removal. Moveable Assets can be purchased or acquired through a transfer or donations to the University or purchased using Professional Expense Reimbursement.

Off Campus: Off Campus refers to locations that are not owned or leased by Queen's University.

Purpose/Reason for Policy:

Moveable Assets are fundamental to achieving the University's mission of conducting research and teaching. The University is responsible for the stewardship of assets whether located on University premises or non-University premises.

Tracking Moveable Assets:

  • Demonstrates effective stewardship over research or other university Moveable Assets that have been financed with public funds;
  • Is necessary for compliance with funding agency requirements related to the tracking or safekeeping of assets purchased with externally granted research funds;
  • Assists in detecting the misappropriation and/or theft of Moveable Assets;
  • Supports a system of documentation for insurance purposes; and
  • Enables the university to better manage the lifecycle of Moveable Assets.

Scope of this Policy:

This policy applies to all departments and organizational units within Queen's University.

Policy Statement:

Moveable Assets, whether purchased with University funds or that are otherwise acquired, are the property of the University unless otherwise stated by sponsors and donor terms and conditions.

In support of the University's need to manage and safeguard assets, departments and business units shall ensure:

  1. That Moveable Assets are used only for University business purposes.
  2. The effective and efficient stewardship of all Moveable Assets.
  3. The following Moveable Assets acquired after May 1st, 2015 must be tracked:
    1. Any Moveable Asset with an Acquisition Cost of $10,000 CAD or greater; and
    2. Moveable Assets that are deemed by a department to be of historical or cultural significance
  4. Moveable Assets with an Acquisition Cost of $100,000 CAD or greater acquired after May 1st, 2013 must be tracked.
  5. Disposals of Moveable Assets must be carried out in accordance with related procedures.

This policy establishes a minimum standard for tracking Moveable Assets. Departments may wish to track additional Moveable Assets.

Responsibilities:

Departments and Organizational Units are responsible for:

  • Safeguarding all Moveable Assets from theft, abuse, misuse, and loss.
  • Ensuring that Moveable Assets are identified and, if they meet the conditions set out in this Policy, are recorded and tracked.
  • Ensuring that assets used in an Off Campus location are tracked, and that the use of the asset off Campus is appropriately authorized by the Department Head. Go to the Financial Services web site to access the Authorization for Off-Campus Use of Assets form.
  • Ensuring that transfers of research funded assets between universities are properly approved and accounted for. Go to the Financial Services web site to access the Authorization for Transfer of Research Funded Assets form.

Each Faculty / Shared Service Officeis responsible to submit a consolidated list of Moveable Assets as of January 31st, to the Asset Tracking Administrator in Financial Services for review by February 15th of each year.

Financial Services is responsible for administering this policy and associated procedures as well as for the monitoring and oversight of assets.

 


Contact Officer:  Associate Director, General Accounting

Date for Next Review: May 2017

Related Policies, Procedures and Guidelines:

Policies Superseded by this Policy: na