Fixed Assets
Equipment Acquisition & Disposal
The Head of School/Admin/Support function is responsible for the acquisition, use and security of equipment under their control including acquisition of PCs, Laptops, Apple Macs and peripheral equipment. In general acquisitions of furniture will be the responsibility of the Director of Buildings and Buildings Offices. All acquisitions and disposals shall be made in accordance with the procedures prescribed by the Treasurer’s Office and those over the threshold (€1,270) will be recorded in the Fixed Asset Register. Before any items are disposed of to an external source, details of availability should be circulated to all College Areas through internal communication channels.
- All disposals must be made through the TCD Portal on the Asset Register system. Disposals should only be made following approval by the Head of Faculty / School / Department / Administrative Area and written evidence of such is required. These records must be maintained and made available for inspection by the College’s external auditors. In addition, a copy of disposals over €10,000 should also be sent to the Director of Buildings Office.
- If any proceeds were received in respect of a particular disposal then this should also be recorded on the register and in the documentation when the Head of Faculty / School / Discipline / Administrative Area etc is signing off on the disposals.
- It is equally important when signing off on disposals to note if the disposal was a ‘correction’ (for example, the asset was initially entered with an incorrect price or disposed of because it is a duplicate entry) rather than an ‘actual disposal’. The Treasurer’s Office need to record these transactions and report back to the Auditors accordingly.
If furniture or equipment is sold to staff or third parties, an official College invoice should be raised in respect of the sale. Where VAT was reclaimed on the original purchase of the equipment, then VAT must be charged on any subsequent sale and shown separately on a VAT invoice. In all cases there must be a statement exempting the College from providing any warranty, express or implied, and stating that the goods are used and second-hand.
Special Arrangements apply to:
- Insurance - The Director of Buildings should be informed of any item that has previously required special insurance cover, which is sold, transferred to another area in College or otherwise disposed of, as the insurance arrangements may need to be amended or un-expired premiums recovered.
- Sponsored Research Equipment - Equipment originally purchased with the aid of a grant from an outside body must be disposed of in accordance with the terms of that grant. In cases where ownership of the equipment passes to the College on completion of a project, the above procedures will apply.
For further information on Fixed Assets please see following link:
www.tcd.ie/Buildings/assetregister.php