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Financial and Legal Services Financial Regulations, Policies and Procedures

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F. Assets

F1 - General
F2 - Asset Registers and inventories
F3 - Stocks and stores
F4 - Asset Disposal
F5 - Personal use of assets
F6 - Investments and Treasury Management

F1 - General

F 1.1     The Director of Estates

The Director of Estates is responsible for the Buildings and Estates function within the University, including custody and physical security of all University buildings and other resources related to this function.  In considering the degree and form of security for particular buildings, the Director of Estates shall be informed by the recommendations and requirements of the relevant heads of departments.

 

F 1.2     Heads of Departments

Heads of departments are responsible for establishing adequate arrangements for the custody and control of all other assets owned by the University, whether tangible (such as furniture, cash, stocks and stores under their control) or intangible (such as intellectual property [link to Section D5[), including electronic data. 

Cash, stores and other especially valuable assets must be handled in accordance with the appropriate Financial Procedures issued by the Director of Finance. 

 

F 1.3     Land, buildings, fixed plant and machinery

The purchase, lease or rent of land or buildings can only be undertaken with authority from the Board of Governors.

 

F2 - Asset Registers and Inventories

The Director of Finance is responsible for maintaining the University’s register of land, buildings, fixed plant and machinery.  Heads of departments will provide the Director of Finance, or their nominee, with any information he or she may need to maintain the register. 

Heads of department are responsible for maintaining departmental asset/inventory registers and for operating that register in accordance with the procedures set out in the Asset Management Policy. The inventory must include items donated or held on trust. 

Assets owned by the University shall, so far as is practical, be effectively marked to identify them as University property.

 

F3 - Stocks and Stores

Heads of department are responsible for establishing adequate arrangements for the custody and control of stocks and stores within their departments.  The systems used for stores accounting in departments must have the approval of the Director of Finance. 

Heads of departments are responsible for ensuring that regular inspections and stock checks are carried out.  Stocks and stores of a hazardous nature should be subject to appropriate security checks. 

Those heads of department whose stocks require valuation in the balance sheet must ensure that the stock-taking procedures in place have the approval of the Director of Finance and that instructions to appropriate staff within their departments are issued in accordance with advice contained in the University’s detailed financial procedures.

 

F4 - Asset Disposal

Disposal of University property must be in accordance with procedures agreed by the Finance and Resources Committee and contained in the University’s detailed financial procedure: Asset Management Policy. 

Disposal of land and buildings must only take place with the authorisation of the Board of Governors.   HEFCE consent may also be required if exchequer funds were involved in the acquisition of the asset.

 

F5 - Personal Use of Assets

Assets owned or leased by the University shall not be subject to personal use without proper authorisation.  Use of the University’s IT services, systems, software and devices are subject to its Acceptable Use Policy.  

 

F6 - Investments and Treasury Management

F 6.1     Treasury Management

The University’s Finance and Resources Committee is responsible for the oversight of all investment of funds of the University, including those held in Trust.  It agrees the overall Treasury Management Policy and receives from the Director of Finance regular reports on the activities of the treasury management operation. 

The Director of Finance is responsible for remitting all funds for investment with organisations on a list approved by the Finance and Resources Committee, maintaining records of investments, both capital and income, for ensuring safe custody of all relevant documents, and for reporting investment performance regularly to the Committee. No investment of University monies shall be made other than in accordance with arrangements approved in writing by the Director of Finance. 

The responsibility for short-term investment of surplus cash funds, with organisations on a list approved by the Finance and Resources Committee, is delegated to the Director of Finance. 

The University’s Treasury Management Policy is based on CIPFA’s ‘Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes’ and sector-specific guidance, setting out the strategy, policies and objectives in treasury management areas including cash management, investments and borrowings.  The Policy incorporates the University’s Ethical Investment Policy which seeks to reflect the prudent approach to investing funds in other organisations, with the fundamental principle of not investing in areas that conflict with the University’s core values.

 

F 6.2        Appointment of bankers and other professional financial advisers

The Board of Governors is responsible for the appointment of the University’s bankers on the recommendation of the Finance and Resources Committee.  The appointment shall be for a specified period after which consideration shall be given by the Finance and Resources Committee to competitively tender the service.

Article last updated: Friday, July 14, 2017

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