Procedures

Portable and Attractive Items - Procedures

Printer-friendly version
Body

1. Purpose and Objectives

The purpose of these procedures is to define the types of assets that fall within the category of “Portable and Attractive” and to specify how they are to be identified and controlled.

2. Definitions, Terms, Acronyms

Portable and attractive items - non-consumable items that:

  • Have a value of $2,000 or more (GST exclusive), but less than the University's capitalisation threshold of $5,000 (GST exclusive), and
  • Are susceptible to theft or loss due to their portable nature and attractiveness for personal use or resale.

An item is considered portable if it is able to be easily carried or moved. For example, an item would be considered portable if it could easily fit in a backpack; it would not be considered portable if it required more than one person to carry it.

An item is considered attractive if it has a likelihood of being advantageous or profitable. For example, an item would be considered attractive if there was an active market for the sale of the item; it would not be considered attractive if it could not be used by a body/individual external to the University.

The number of potential users does not affect the portable and attractive nature of an item. An item with only one user is considered to be portable and attractive provided it meets the definition above.

The $2,000 and $5,000 (GST exclusive) thresholds apply to individual items of equipment except where several related items, when considered collectively, constitute an item of equipment. For example, a laptop, docking station, monitor, keyboard and mouse are to be regarded as one item.

3. Procedures Scope/Coverage

These procedures apply to all University staff.

4. Procedures Statement

These procedures are guided by provisions outlined in the Non-Current Asset Policies for the Queensland Public Sector.

5. Accounting Treatment

By definition, portable and attractive items do not meet the asset capitalisation threshold and consequently, are expensed in the financial year in which they are acquired.

The purchase of portable and attractive items by corporate card and reimbursement is specifically prohibited in PPL 9.40.02 Corporate Credit Cards and PPL 9.45.03 Reimbursements.

6. Responsibility for Monitoring and Control

Responsibility for the safe custody of portable and attractive items is devolved to the level that makes the purchase decision (i.e. organisational unit level).

Where an organisational unit issues portable and attractive items to employees for their specific use, they should have appropriate systems in place to ensure that all items issued are returned (or accounted for) on or before the employee’s last day. Ideally this should be integrated with formal employee exit procedures.

7. Registering Portable and Attractive Items

The University must maintain a register of portable and attractive items. The Asset Management module of UniFi must include all items held by the area that meet the portable and attractive definition.

The following items may be recorded on the Asset management module of UniFi at the discretion of the organisational unit:

  • Items that have a value under $2,000 but are deemed to be highly susceptible to theft or loss.
  • Items that are not portable in nature but a record needs to be kept for other purposes, for example, fleet replacement purposes.

7.1 Asset Management module information

The Asset Management module of UniFi must include the following information for each portable and attractive item:

  • Tag number
  • Responsible area (e.g. organisational unit)
  • Description (e.g. model, serial ID, asset profile)
  • Location or custodian
  • Purchase date
  • Purchase cost (or equivalent).

7.2 When to identify items on the Asset Management module

Portable and attractive items are to be recorded on the Asset Management module of UniFi as they are acquired.

Refer to section 11.3 of PPL 9.50.02 Property, Plant and Equipment for further guidance regarding registering items.

7.3 When to remove items from the Asset Management module

Portable and attractive items are removed from the Asset Management module of UniFi when they are disposed of (e.g. due to being obsolete, surplus or damaged beyond repair) or lost or stolen. Ideally, items should be removed at the time of the disposal. However, items that are lost or stolen may only be identified during a stocktake.

Organisational units must have adequate controls over the removal of portable and attractive items from the Asset Management module of UniFi. All items removed must be properly authorised by the Head of the organisational unit and cannot be undertaken by the person assigned to maintain the Asset Management module of UniFi.

Information relating to items that are lost or stolen should be retained for at least three years, to assist in assessing the effectiveness of the area’s control of portable and attractive items as well as identifying any emerging trends. This information can be reinstated on the Asset Management module of UniFi if the items are recovered.

Refer to section 11.4 of PPL 9.50.02 Property, Plant and Equipment for further guidance regarding retiring items.

8. Stocktakes

Stocktakes are the mechanism that assists the University in confirming the existence and proper control over assets. Stocktakes also ensure that organisational units are accountable for the portable and attractive items under their control and assists them to:

  • Identify items that have been lost or stolen and, where possible, recover them.
  • Assess the effectiveness of control practices for portable and attractive items and, where required, improve them.

Corporate Finance within FBS has responsibility for ensuring stocktakes occur. Corporate Finance acts in a co-ordination role.

Refer to section 22 of PPL 9.50.02 Property, Plant and Equipment for further guidance regarding stocktakes.

8.1 Frequency of stocktakes

Stocktakes of portable and attractive items are performed once a year, in order to safeguard identified portable and attractive items.

8.2 Responsibility for the stocktake

All Heads of organisational units are responsible for ensuring that the stocktake is performed by their unit.

Where practical, the stocktake should be conducted by two or more nominated responsible officers, at least one of whom does not control or maintain the organisational unit Asset Register.

8.3 Results of stocktake

The results of each stocktake must be provided to the Head of the organisational unit responsible for reporting on portable and attractive items. The Head of the organisational unit should then address any significant issues of concern. The final report must be forwarded to Assets Unit within FBS.

9. Loss and Damages

With respect to loss or damage to portable and attractive items refer to:

Both topics form part of the PPL and provide guidance in dealing with lost or damaged University property.

Custodians
Chief Financial Officer
Mr Andrew Betts
Custodians
Chief Financial Officer
Mr Andrew Betts