Fixed Assets Management
Fixed Assets: All plant, office furniture and equipment with a single-item value of $2,000 (exclusive of GST) or above;
motor vehicles; land and buildings; leasehold improvements; artwork; and leased assets acquired under a finance lease or
under hire purchase.
In-house Assets: Assets that are designed, built and constructed within a budget centre.
The Asset Team is responsible for the management of the Fixed Asset Register, Asset stocktakes and Training on the DFMS Asset Register.
| Name |
Campus |
Phone |
Email |
Jennifer Hayes
Mon - Fri (1.0) |
Geelong |
522 71151 |
jennifer.hayes |
Malita La Sala
Mon, Tues, Wed and Thu (0.8) |
Melbourne |
924 68127 |
malita.lasala |
Bronwyn Steer
Casual |
Geelong |
522 72520 |
bronwyn.steer |
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Each FOA must ensure that is has a staff member(s) who has been delegated as the contact person for their area and has been trained on their responsibilities in regard to assets and maintenance of the asset register.
The role of the Budget Centre Asset Representative is to assist the Fixed Asset Team with Asset related queries specific to their Faculty or Division, including:
- Ensuring new asset purchases receive an Asset Barcode Tag
- Provision of vital asset information to Fixed Asset Team, including:
- Asset Tag Number
- Serial Number
- Responsible Staff Member
- Campus and Room Location
- Assistance with Asset Stocktakes
- Up-dating the Asset Register with Staff and location changes
- Keeping copies of all Stocktake Loan Forms
- Keeping logbook record of all Assets loaned out on ad-hoc basis
- Provision of authorised Asset Forms, including:
View
Role of FOA Asset Representative document for further details of this role
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- Asset Purchases / Additions:
- Asset purchases, with an individual cost of $2,000 or greater, are added to the University Asset Register at the time the Invoice for the new purchase is keyed by Accounts Payable staff in the DFMS.
- Equipment that is designed, built and constructed within a budget centre, where the combined cost is $2,000 or greater, is added to the University Asset Register at the time the Invoice for the new purchase is keyed by Accounts Payable staff in the DFMS.
- Refer to Accounts Payable website for further information on Raising a Purchase Requisition/Purchase Order and Payment of Invoices.
- Asset Disposals / Retirements:
- Asset Disposal includes: All equipment recorded in the Asset Register that is Sold, Traded, Scrapped, Stolen or Missing.
- Equipment is retired in the Asset Register only when Asset Disposal Forms, with Budget Head approval, are provided by the Budget Centre to the Fixed Asset Team.
- Refer to Useful Asset Tips document for further details on Asset Disposals.
- Asset Transfers:
- Equipment is transferred from one budget area to another in the Asset Register when an Asset Transfer Form, with Budget Head approval from both budget areas, is provided to the Fixed Asset Team.
- Asset Depreciation:
- The Monthly depreciation process is run in the Asset Register on the third working day after end of month, by Fixed Asset Team Leader.
- Asset Depreciation is calculated according to the "economic/useful life" of an Asset.
- An assets economic life is usually determined by the asset category to which the Asset is linked. Budget Centres can discus the economic life of individual assets with FBSD and if reasonable obtain an individual depreciation rate for certain assets.
- Each year as part of the budget process all departments will be requested to review all of their asset depreciation rates to ensure assets are written off in accordance with their economic life and condition.
- View Asset Category - Life Years document for a detailed break-down of Asset life years.
- Depreciation on Research Assets
- Research Assets with a cost of $50,000 or less will to be written off in the financial year of purchase.
- Research Assets purchased to carry out preliminary work prior to gaining a research grant will to be written off on purchase.
- All other Research Assets are written off over the life of the initial research grant/contract.
- Posting to GL
- All monthly transactions in the Fixed Asset Register, including Additions, Retirements, Transfers and Depreciation, are posted to General Ledger, by Fixed Asset Team Leader, immediately following the Depreciation process (see Asset Depreciation above).
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- Physical Stocktakes of every budget centre on every campus across the whole University are conducted by the Fixed Asset Team on a bi-annual timeframe. Stocktakes not completed in year of commencement will be carried over and completed in the following year.
- Budget Centres must provide a staff member to assist the Fixed Asset Team with stocktakes.
- Budget Centre staff responsible for Assets located off Campus must provide a signed Asset Loan Form in lieu of the item being viewed at stocktake.
- View Fixed Asset Stocktake Scope document for further information on Asset Stocktakes.
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Contact a member of the Asset Team (see Contacts above) for Training to perform Assignment Transfers (changes to Responsible Person and / or Location) and to Run Asset Reports on Assets that are recorded on the Asset Register.
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For more information email:
jennifer.hayes@deakin.edu.au
