Policy University Management FMPM 200 - FMPM 399 - Assets FMPM 200 Overview - Assets & Cash Management
FMPM 200 Overview - Assets & Cash Management
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Intent
To set out the requirements regarding the establishment and maintenance of:
- A cash management system; and
- An asset management system.
Scope
Assets and Cash Management
Definitions
Policy and Procedures
It is the responsibility of the Chief Financial Officer to establish and maintain a cash management system (FMPM 210-239 and 300-309) which efficiently, effectively and economically manages all cash resources.
The cash management system, including adequate internal controls, must provide for promptly:
Identifying, collecting, paying and investing cash; and
Recording transactions involving cash.
The policies and procedures established and documented to manage cash assets are contained with the FMPM 210-239 and 300-309.
It is the responsibility of:
The Chief Financial Officer (FMPM 240-299, excluding 250 and 310-399); and
The Director, Human Resources (FMPM 250),to establish and maintain an asset management system (FMPM 240-299 and 310-399) which efficiently, effectively and economically manages all asset resources.
The asset management system, including adequate internal controls, must provide for:
Correctly identifying, acquiring, managing, disposing of, valuing, recording and writing off of assets;
If the cost of acquiring, maintaining or improving a physical asset is considered significant, conducting an evaluation before making the acquisition or carrying out the maintenance or improvement;
Reviewing the performance of completed significant assets to ensure the objectives in acquiring, maintaining or improving the assets were met;
Regularly maintaining the assets; and
Protecting the assets from loss.
In identifying, acquiring, managing, disposing of, valuing, recording and writing off of assets, the University must comply with the “Non-current asset policies for the Queensland Public Sector”.
In recording land assets, the University must comply with the “Property tenure government land policy”.
The policies and procedures established and documented to manage assets are contained with the FMPM 240-299 and 310-399.
Related documents, legislation or JCU Statutes
“Non-current asset policies for the Queensland Public Sector” published by Queensland Treasury
“Property tenure government land policy”- available from PMC Property Management Portal
“Queensland’s Project assurance framework” - available from Department of Infrastructure and Planning
“Queensland’s Value for money framework”- available from Department of Infrastructure and Planning
For enquiries in relation to this FMPM Policy please contact directorfabs@jcu.edu.au
Administration
NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.
Approval Details
Policy Domain | University Management |
Policy Sub-domain | Finance |
Policy Custodian | Chief Financial Officer |
Approval Authority | Vice Chancellor |
Date for next Major Review | 08/2018 |
Revision History
Version | Approval date | Implementation date | Details | Author |
---|---|---|---|---|
21-1 | 04/02/2021 | 22/02/2021 | Updated position title – Director Financial and Business Services to Chief Financial Officer | Quality Standards and Policy Officer |
15-01 | 08/09/2015 | 09/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
01-01 | 12/2001 | 12/2001 |