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Assets Inventories and Disposals


  • pg 1
Assets, Inventories and Disposals Procedure

1.        Purpose

          To ensure that all College assets over the price of £40 are accounted for, and that
          items for loan transfer or disposal are identified and recorded in a systematic way
          using the Deeside College (DC) inventory system.

2.        Scope

          All College assets over £40 within all areas of the main site and outreach centres and
          all items that are on loan or need to be disposed of, this includes the Library stock.
          All other College stock of consumables and semi-consumables are maintained
          securely in relevant areas.

3.        References

                   Maintenance Schedules
                   Disposal or Transfer of Inventory Items
                   Maintenance of an up-to-date Inventory
                   Stock Control (under development)
                   DC Financial Regulations
                   Multimedia Learning Centre Work Instructions
                   Business Area Booking-out Systems
                   ICT Inventory Database

4.        Procedure

4.1       It is the responsibility of each Business / Support Manager to ensure that their
          inventories are maintained and are up-to-date.

4.2       Each department within the College has its own inventory and one person in each
          area is nominated by the Business / Support Manager to hold and maintain this.

4.3       All individual items over the price of £40 or items with a collective value of £40 are
          entered onto the inventory. Items such as fire extinguishers, first aid boxes,
          noticeboards / whiteboards and telephones should be entered.

4.4       All items over the value of £1,000 are entered onto the DC Asset Register by the
          Finance Office.

4.5       All consumable and semi-consumable stock is maintained securely in relevant areas,
          but is not included on the inventory (see instructions for Maintaining an Inventory).

4.6       The Multimedia Learning Centre controls its library stock using a computerised
          system (see DC Multimedia Learning Centre work instructions).

4.7       All computer hardware is purchased through the Information Communications Team
          (ICT). IT equipment is asset tagged and 'Selecta' marked on delivery and then
          entered onto the ICT Inventory Database. Departments do not need to enter IT
          equipment on to their inventory records.

Pilot Issue 1.1 / 01/11/05                                                             Page 1 of 2
Assets, Inventories and Disposals Procedure

4.8    All other inventory items are to be asset tagged and recorded onto the area inventory
       as they arrive in the department.

4.9    The Finance Purchasing Officer undertakes an annual check/audit with each
       Business / Support Area to ensure that the inventory is up-to-date and accurate.

4.10   Every 12 months the Business/Support areas are required to send an up-date of their
       inventories to the Finance Purchasing Officer before the annual audit is undertaken.

4.11   Property of Deeside College may not be removed from the College's premises unless
       the Business Manager has authorised it. If staff or students wish to borrow items the
       relevant loan form, either Staff Equipment Loan Form or Student Equipment Loan
       Form, is completed and maintained in the business area.

4.12   Business areas can use their own booking out systems to log equipment that is being
       removed from the area this is providing the system has been endorsed by the
       Finance Office.

4.13   If an item of inventory needs to be disposed of then the Inventory Disposal Form is
       completed and authorised by the Business Manager. The pink copy is retained in the
       area, the yellow and the white copy is sent to the Finance Purchasing Officer.

4.14   If an inventory item needs removing from an area for disposal then a message
       should be sent to the Estates Helpdesk.

4.15   If an item of inventory is for resale, then the value has to be negotiated as stated in
       DC Financial Regulations, and agreed and entered onto Inventory Disposal Form.
       The money for the item is paid to the Finance Office and receipted before the item is
       removed from the premises.

4.16   If an item is transferred to another area then an Inventory Disposal Form is
       completed and agreed by the Business/Support Manager and the item is entered
       onto the inventory in the business/support area receiving the item. If the item already
       has an asset number then this is recorded on the recipients records, a new number
       does not need to be allocated.

5.     Quality Records

       Document                                  Storage
       Student Equipment Loan Form               Business/Support Area
                                                 and Finance

       Staff Equipment Loan Form                 Business/Support Area
       Inventory Disposal Form                   and Multimedia Learning
       Booking-out Systems                       Centre
       Materials Order Form


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