UCL’s Council has approved updates to clarify UCL’s rules on the management and disposal of fixed assets and equipment, and a new manual is available to bring definitions and guidance together in one place.
Council has approved, effective 1 August, a series of updates to the Scheme of Delegation and Section 12 of the Financial Regulations to clarify UCL’s rules on the management and disposal of assets and equipment as part of the Delegated Authorisations Programme.
These updates support UCL’s work to respond to audit findings, reduce the risk of errors and funder disallowed costs, and improve the accuracy of our fixed asset records – an important step in addressing the ‘back-to-basics’ initiative findings as part of our wider objective of strengthening compliance and financial controls.
It is essential that all staff adhere to these rules and follow the guidance in the new Fixed Asset Accounting Manual to ensure UCL can meet accounting, funder and audit requirements for UCL’s assets.
To support staff in understanding how fixed assets must be recorded, managed and disposed of, we have published a new Fixed Assets Accounting Manual. The manual brings together definitions, guidance and procedures in one place, so staff have clearer information on their responsibilities and the steps they need to follow. It includes templates for maintaining local fixed asset records.
Find the new Fixed Assets Accounting Manual
““I am pleased to see the Fixed Assets Accounting Manual being launched. We have made a number of improvements to strengthen financial controls, respond to funder and audit findings and reduce the risk of errors, including costs being disallowed by funders. The manual gives staff clearer guidance in one place, helping them understand what they need to do when recording, managing and disposing of fixed assets. It is the first in a series of accounting manuals we are producing as part of the Financial Controls Improvement Programme.” Charu Gorasia, Vice-President (Finance, Estates & Commercial)
Key updates
- Section 12 of the Financial Regulations sets out key rules that need to be followed when managing capitalised assets.
- The Scheme of Delegation only allows certain members of staff to approve the disposal of equipment and stocks, being:
- Heads of Department or PS Directors (with advice from Finance Director). if up to a net book value of £5k.
- Finance Directors if up to a net book value of £50k.
- Chief Financial Officer (CFO) if up to a net book value of £250k.
- Finance Committee if over a net book value of £250k.
- Disposals of capitalised electrical equipment can only be approved by:
- CFO or Finance Directors if up to a net book value of £250k.
- Finance Committee if over a net book value of £250k.
Please contact finance.financial.accounts@ucl.ac.uk with any queries.
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