Authorization and Approval
Responsibility: Vice-President, Finance and Resources
Authorization: Board of Governors
Approval Date: Dec 15, 2015
To enable the University of Saskatchewan (U of S) to effectively manage its assets.
To ensure the University fosters the appropriate asset management environment with respect to:
- Strategic planning for asset requirements, maintenance and replacement to maximize resource utilization;
- Maintaining appropriate systems and internal controls, including safeguarding of assets;
- Ensuring the effective and efficient stewardship of University assets;
- Efficient asset utilization, including maximizing the effective life cycle of University assets; Ensuring that university assets are transferred or disposed in a fair, accountable, efficient and sustainable manner;
- Complying with all applicable legislation, UofS policies and procedures, sponsor and donor terms and conditions
This policy applies to all members that purchase, construct, use, manage, or otherwise have access to assets belonging to the University from all sources of funding including operating, research, trust and restricted funds.
Assets purchased or constructed by the UofS, from any source of funds (i.e. operating(1), capital or research funds), shall remain the property of the university, unless otherwise provided for in the terms of reference agreed to with the funding source.
All parties involved in the acquisition, management and stewardship of assets must do so in accordance with university policies related to product standards and ergonomic principles. Purchases must be coded to appropriate account codes in the UofS financial system and all university owned capital assets must be inventoried in accordance with appropriate university procedures (will insert link to document eg “tagging procedures”)
Units must safeguard all University assets from theft, misuse, waste, abuse and loss and maximize the effective life cycle of University assets making them available to other departments or units when no longer needed. When an asset no longer has a use on campus, it must be sold or transferred in a fair, accountable and efficient manner maximizing returns to the University and recycling and reusing equipment in a sustainable manner.
(1) Operating Funds include Accountable Professional Expense Funds (APEF's) and Deans' & Senior Administrators' Expense Funds (DSAE's).
Financial Services is responsible for the overall coordination of policies, procedures, processes and guidance to assist in the effective and efficient stewardship of assets and for maintaining the financial record keeping system for assets.
Deans, Department Heads, and other heads of University colleges/departments/units are responsible for acquisition planning, procurement and ongoing effective and efficient stewardship of assets, including safeguarding, utilization, maintenance and disposal in accordance with any procedure attached to this policy.
Members are responsible for the appropriate use of, and safeguarding of, university assets.
The University expects that its members will comply fully with this policy, including all requirements for disclosure. Failure to do so may constitute grounds for disciplinary action in accordance with any applicable agreements, contracts, regulations and/or legislation.
Note: Any definitions listed apply to this document only with no implied or intended institution-wide use.
Asset- Anything owned by The University of Saskatchewan, whether purchased, constructed or created, where the expectation is it will provide future financial benefit.
Members- Faculty, staff, students, agents of the University of Saskatchewan
Within this policy and related procedures, the use of terminology such as department, department head, dean and college are considered to also refer to director, head of administrative unit and administrative unit/division.
Procedures are maintained by the following groups/divisions/units. Any changes will take into consideration the impact to other groups listed and within the scope of this policy
Facilities Management Division
Information and Communications Technology
If you have questions about this policy please contact:
Contact Person: Controller, Financial Services