UNIT 14

PROPERTY, PLANT AND EQUIPMENT:

DISPOSAL
The disposal of an asset must be duly authorized either by a Dean, Section
Finance in accordance with the Financial Delegations Policy (FINO1) of the
RAU
Administration Manual. Approval for the disposal of an asset is to be sought
using an Asset Disposal Form or an Equipment Disposal via eBay Form, even
when the written down value (WDV) of the asset is nil.
Approval must be received from the Delegated Financial Officer before
arranging the disposal of an asset that had an initial cost price of
>$10,000.00. Once approval has been.received, the disposal is to be noted
on the School or Division's minor equipment register if it is minor equipment
(<$10,000), otherwise the disposal is recorded on the asset management
software by the Assets Manager if it is a major asset (>$10,000). All relevant
documentation in relation to an asset disposal will be maintained by the Dean Section Head or
Assets Manager for audit purposes. Budget Center Manage
The Assets Manager can provide further information regarding the asset
being proposed for disposal. Information that can be provided includes 2 people
purchase price, acquisition date, written down value (WDV), and Asset ID Financial Delegation Policy
number.
1. Write the people who may authorize the disposal of an asset:
2. How many people must authorize a disposal of an asset?
3. What's FINO1?
4. Which of the following is correct:
a) First you arrange the disposal of an asset and then you get
authorization and hand it in to the Delegated Financial Officer.
b) First you get authorization to dispose of an asset, hand it in to the Of the asset Managshec sofware
Delegated Financial Officer and then you arrange the disposal.
5. Where must the disposal of assets with an initial cost price
>$10,000.00 be recorded? on the School of Division's mainor equipment
6. Where must the disposal of assets with an initial cost price register
<$10,000.00 be recorded?
7. Who is the responsible for the documents of an asset disposal? The Assets Manager
8. Who can give you the WDV of an asset? The Assets Manager

5
1

2 4

Where no sales market exist

2. When an asset can will sold
School or Divicions wit is theUniversity have ta
preoryti
The asset maybe
relocating an asset to
another building,
 1.If the computers
are in great
conditions, the
school can sell
them to other
schools or
divitions.

If the current microscope is working well

and is not too old, the biology institute
may give it to the microscope company as
a trade-in.
If the school furniture was very old and
in bad conditions the school can dumo it
landfill.

Disposal of old blackboards

Michael Livingston

Jhon Hedge

What you should do with the asset is sell it

to a school or divisions, but taking
universities as a priority, if you cannot sell it,
you must offer it for free and this will
require completing an asset transfer / loan
form.
If the school or division cannot use the
asset, a BEIMS request must be sent to
organize the Facilities Management division
to collect the asset for dumping at the
landfill.