Background on the central asset register maintained by the Finance Department and the responsibilities of all budget holders for managing their College/Support Groups assets. It is a requirement of the Financial Memorandum agreed between the Scottish Funding Council and the University that an Equipment Asset Register is maintained and physical verification of these assets is undertaken. The central fixed asset register is a listing of all high value assets that are included in the University’s financial statements. The register is located on the finance system (eFinancials Asset Module) and is maintained by FIRST. The register holds details on: Equipment costing in excess of £50k (£25k prior to 01.08.16) Property (Land, Buildings, Plant and Building Improvements) Heritage Assets Annual verification As part of the year end procedures an annual verification process is undertaken. This ensures that the details held in the central asset register are complete and accurate. Schools and Planning units are ask to provide details of: The individuals who maintain their areas equipment records Details of assets purchased, or intended to purchase, in the financial year Details of items disposed of, or intended to purchase, in the financial year This should be a simple exercise of checking against their own asset registers/records. Relevant contacts and management accountants will be contacted. Further details can be found on the year end website. This article was published on 2024-07-01
