Policy University Management FMPM 900 - FMPM 999 - Further Applications FMPM 940 Donated Property, Plant, Equipment and Cash
FMPM 940 Donated Property, Plant, Equipment and Cash
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Intent
The intent of this policy is to set out the requirements regarding donations of property, plant, equipment and cash to and from the University. (Refer to the University’s Reportable Gifts and Benefits Procedure for donations of items which fall outside this policy).
Scope
Function | Responsibility of |
---|---|
Identification of Donation | Staff Member |
Assessment of taxation implications | Chief Financial Officer |
Acceptance of donated property | Finance Committee |
Acceptance of donated plant or equipment | Relevant member of the Senior Executive |
Acceptance of donated cash | Relevant member of the Senior Executive |
Acknowledgement of donations | Vice Chancellor |
Management of donated property | Director, Estate Office |
Management of donated plant or equipment | Head of Organisational Unit |
Management of donated cash | Chief Financial Officer |
Approval to donate property | Refer to Financial Delegations Register |
Approval to donate plant or equipment | Refer to Financial Delegations Register |
Approval to donate cash less than or equal to $1,000 | Refer to Financial Delegations Register |
Approval to donate cash up to and including $20,000 | Refer to Financial Delegations Register |
Approval to donate cash greater than $20,000 | Refer to Financial Delegations Register |
Definitions
Policy
Requirements
When staff become aware of an impending donation of property, plant, equipment or cash to or from the University, they must advise:
The Chief Financial Officer; and
The relevant member of the Senior Executive.
Donations (property, plant, equipment or cash) to the University:
Prior to the University accepting any donation of property, plant, equipment and cash, the Chief Financial Officer must ensure that the donation does not compromise the University’s status as a charitable institution under the Income Tax Assessment Act 1997;
Prior to the acceptance of any donated property, the Deputy Vice Chancellor, Services and Resources will undertake an assessment of the University’s capacity to maintain the property. Based on this assessment, the Deputy Vice Chancellor, Services and Resources will recommend to Finance Committee for approval the acceptance of the donated property;
Prior to the acceptance of any donated plant, equipment or cash the relevant member of the Senior Executive must ensure that:
the donation does not compromise the University:
it is on terms and conditions acceptable to the University;
it is compatible with the aims and objectives of the University; and
the University has the capacity to maintain the plant or equipment.
The Vice-Chancellor, on advice from the Chief Financial Officer, is responsible for acknowledging any donated property, plant, equipment and cash to the University.
The Director, Estate Office is responsible for managing property donated to the University.
The Head of the Organisational Unit is responsible for managing plant or equipment donated to the University.
The Chief Financial Officer, is responsible for managing cash donations.
Donations (property, plant, equipment or cash) by the University:
Donations to an organisation or individual must:
support the aims and objectives of the University; and
not cause a benefit to be conferred on University employees, members of University Council, or associates of these individuals.
Finance Committee is responsible for the approval of the donation of property as outlined in the Financial Delegations Register;
The Vice Chancellor must approve the donation of plant or equipment as outlined in the Financial Delegations Register;
The Head of the Organisational Unit is responsible for the approval of cash donations less than or equal to $1,000 as outlined in the Financial Delegations Register.
The Vice Chancellor must approve cash donations up to $20,000 as outlined in the Financial Delegations Register.
Council must approve cash donations greater than $20,000 as outlined in the Financial Delegations Register.
Related documents and legislation
Financial Delegations Register
Income Tax Assessment Act 1997 – Sec 50-5
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 |
---|---|---|---|---|
17-1 | 21/02/2017 | 22/02/2017 | Titles, roles and delegations updated to reflect current practice. | Quality, Standards and Policy Officer |
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 |
11-01 | 18/08/2011 | 18/08/2011 | Finance Committee (06/11) | |
06-01 | 10/2006 | 12/2006 |