Policy University Management FMPM 900 - FMPM 999 - Further Applications FMPM 920 Losses
FMPM 920 Losses
- Future Students
- JCU Global Experience
- International Students
- Open Day
- How to apply
- Pathways to university
- Virtual Open Day
- Living on Campus
- Courses
- Publications
- Scholarships
- Parents and Partners
- JCU Heroes Programs
- Aboriginal and Torres Strait Islander in Marine Science
- Elite Athletes
- Defence
- Current Students
- New students
- JCU Orientation
- LearnJCU
- Placements
- CEE
- Unicare Centre and Unicampus Kids
- Graduation
- Off-Campus Students
- JCU Job Ready
- Safety and Wellbeing
- JCU Prizes
- Professional Experience Placement
- Employability Edge
- Art of Academic Writing
- Art of Academic Editing
- Careers and Employability
- Student Equity and Wellbeing
- Career Ready Plan
- Careers at JCU
- Partners and Community
- JCU-CSIRO Partnership
- Alumni
- About JCU
- Reputation and Experience
- Chancellery
- Governance
- Celebrating 50 Years
- Academy
- Indigenous Engagement
- Education Division
- Graduate Research School
- Research and Teaching
- Research Division
- Research and Innovation Services
- CASE
- College of Business, Law and Governance
- College of Healthcare Sciences
- College of Medicine and Dentistry
- College of Science and Engineering
- CPHMVS
- Anthropological Laboratory for Tropical Audiovisual Research (ALTAR)
- Anton Breinl Research Centre
- Agriculture Technology and Adoption Centre (AgTAC)
- Advanced Analytical Centre
- AMHHEC
- Aquaculture Solutions
- AusAsian Mental Health Research Group
- ARCSTA
- Area 61
- Lions Marine Research Trust
- Australian Tropical Herbarium
- Australian Quantum & Classical Transport Physics Group
- Boating and Diving
- Clinical Psychedelic Research Lab
- Centre for Tropical Biosecurity
- Centre for Tropical Bioinformatics and Molecular Biology
- CITBA
- CMT
- Centre for Disaster Solutions
- CSTFA
- Cyclone Testing Station
- The Centre for Disaster Studies
- Daintree Rainforest Observatory
- Fletcherview
- JCU Eduquarium
- JCU Turtle Health Research
- Language and Culture Research Centre
- MARF
- Orpheus
- TESS
- JCU Ideas Lab
- TARL
- eResearch
- Indigenous Education and Research Centre
- Estate
- Work Health and Safety
- Staff
- Discover Nature at JCU
- Cyber Security Hub
- Association of Australian University Secretaries
- Services and Resources Division
- Environmental Research Complex [ERC]
- Foundation for Australian Literary Studies
- Gender Equity Action and Research
- General Practice and Rural Medicine
- Give to JCU
- Indigenous Legal Needs Project
- Inherent Requirements
- IsoTropics Geochemistry Lab
- IT Services
- JCU Webinars
- JCU Events
- JCU Motorsports
- JCU Sport
- Library
- Mabo Decision: 30 years on
- Marine Geophysics Laboratory
- Office of the Vice Chancellor and President
- Outstanding Alumni
- Pharmacy Full Scope
- Planning for your future
- Policy
- PAHL
- Queensland Research Centre for Peripheral Vascular Disease
- Rapid Assessment Unit
- RDIM
- Researcher Development Portal
- Roderick Centre for Australian Literature and Creative Writing
- Contextual Science for Tropical Coastal Ecosystems
- State of the Tropics
- Strategic Procurement
- Student profiles
- SWIRLnet
- TREAD
- TropEco for Staff and Students
- TQ Maths Hub
- TUDLab
- UAV
- VAVS Home
- WHOCC for Vector-borne & NTDs
- Media
- Copyright and Terms of Use
- Australian Institute of Tropical Health & Medicine
- Pay review
Intent
This policy sets out the requirements regarding notification of, and approval for, the write off of a loss.
Scope
Limitations
This Finance Directive excludes the following:
Losses on authorised disposal of Plant and Equipment, refer to Finance Procedure 323 – Disposal of Plant and Equipment
Losses on authorised disposal of Investments, refer to Finance Committee Directive 300 - Investments
Definitions
Policy
Functions
Function | Responsibility of |
---|---|
Notify Chief Financial Officer of loss | Head of the Organisational Unit |
Investigate loss and prepare an internal report | Head of the Organisational Unit |
Notify external authorities of loss (no misconduct) | Chief Financial Officer |
Notify external authorities of loss (misconduct) | Vice-Chancellor |
Maintain a register of material losses | Chief Financial Officer |
Approval of the write off of a loss of $50,000 or more | Finance Committee |
Approval of the write off of a loss less than $50,000 | Chief Financial Officer |
Requirements
The Head of Organisational Unit must;
immediately notify the Chief Financial Officer of any loss of University property for which their Organisational Unit is responsible.
promptly:
investigate the circumstances of the loss;
prepare an internal report;
recommend an action required to minimise the resulting loss;
take action to prevent the loss recurring; and
forward a copy of the report to the Chief Financial Officer.
If any loss arises from a cause which could constitute an offence under the Criminal Code or another Act, and the loss is:
a loss of money under the control of the University; or
loss of, destruction or damage to, property of or under the control of the University.
The Chief Financial Officer must give written notice about the loss to:
the Queensland Auditor-General; and
a member of the Police Force of Queensland.
The University must not:
abstain from, discontinue or delay a prosecution for any offence under the laws of the State in relation to any loss; nor
withhold, or promise to withhold or delay any evidence for the purposes of prosecution.
If the University considered the loss may be the result of:
an offence under the Criminal Code or another Act;
suspected official misconduct by an officer of the University; or
the conduct of a consultant or a contractor engaged by the University where the conduct would amount to official misconduct if it were the conduct of an officer of the University:
the Chief Financial Officer must refer the matter to the Audit & Assurance Office and Vice-Chancellor; and
the Vice-Chancellor must notify the Crime & Misconduct Commission in writing of the loss.
The University must keep a register of material losses of property, including money. All unrecoverable debts written off must also be included on this register (Refer FMPM 271: Procedure – Granting of Credit and Credit Control).
The annual financial statements of the University must disclose the classes of material loss and the total amount of the loss for each class.
Related documents, legislation or JCU Statutes
Financial and Performance Management Standard 2009 Sec. 21 & 22.
For enquiries in relation to this FMPM Policy please contact AccountsReceivable@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 |
---|---|---|---|---|
20-1 | 20/11/2020 | 23/11/2020 | Minor amendment to update titles of positions and align delegations with the JCU Delegations Schedule | Deputy Director, FaBS |
15-01 | 09/09/2015 | 10/09/2015 | Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework | Quality Standards and Policy Unit |
11-02 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
11-01 | 14/04/2011 | 14/04/2011 | Finance Committee (02/11) | |
07-01 | 31/05/2007 | 18/06/2007 | ||
03-01 | 12/2003 | 12/2003 |