Assets Management Policy

To enable the University of Saskatchewan (USask) to effectively manage resources invested in assets.

To ensure USask 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, USask policies and procedures, sponsor and donor terms and conditions

Assets purchased or constructed by the USask, from any source of funds (i.e. operating⁽¹⁾, capital or research funds), shall remain the property of USask, 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 USask policies related to product standards and ergonomic principles. Purchases must be coded to appropriate account codes in the USask financial system and all USask owned capital assets must be inventoried in accordance with appropriate USask procedures.

Units must safeguard all USask assets from theft, misuse, waste, abuse and loss and maximize the effective life cycle of USask 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.

This policy applies to all USask members who 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.

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.

USask 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.

The source of institutional approved definitions is in the Academic and Curricular Nomenclature.

Asset is anything owned by The University of Saskatchewan, whether purchased, constructed or created, where the expectation is it will provide future financial benefit.

Capital Asset is an Asset with a fair value over $10,000 or useful life greater than one year.

Members are faculty, staff, students, agents of USask.

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.

• Academic and Curricular Nomenclature 
• The “Asset Management Procedures” to support this policy, including definitions, are available forthcoming in 2025/26.
• Procurement Policy
• Furniture Policy
• Use of University Property and Services Policy
• Data Management, Data Policy, Data Use Policy
• Property Used Off Campus
• Health Information Protection Act (HIPA)
• Personal Information Protection & Electronic Documents Act