Departmental prioritized lists, complete with rationale, are collected annually by the respective deans/ directors. The divisional needs are consolidated and prioritized, and are then sent to the Bursar for review and approval. Institutional priorities and capital equipment funding levels determine what capital equipment will be acquired. Once approval has been received, a purchase requisition is generated and submitted to the Bursar to acquired the needed item(s).
Fixed Asset Reporting
The Finance Division maintains an asset system that records and tracks all TRU property. The system's primary purpose is to heighten awareness, provide control, minimize loss and provide a database for replacement analysis decisions, and insurance purposes. The system provides flexible reporting for a variety of internal and external requirements assets with a unit value in excess of $1,000 and a life expectancy of greater than one year are given a numerically controlled "University Property" identification sticker, and recorded in the database.
All managers and chairpersons are responsible for ensuring notification is made of physical relocation or when the disposal of numerically controlled assets is made.
A complete and detailed listing will be reviewed and reconciled on a regular basis by the responsible manager and the Finance Division.
Disposal Of Assets
Normally, equipment or materials are disposed of when they become worn out, obsolete or surplus to the University. In all cases, every effort should be made to obtain a reasonable trade-in allowance if replacement equipment is being purchased. If this effort fails or replacements are not being purchased, the following procedures should apply for the disposal of worn out, obsolete or surplus equipment or materials.
The Bursar's office should be notified of all proposed dispositions so that these steps may be initiated where reasonable and practical.
- The items to be disposed of will be offered first to Universities and institutes in the province at a price to be determined by the Bursar or his delegate.
- If declined, the items may be offered to school boards within the University region.
- Items unsold under A and B may be disposed of in a public auction.
- Items remaining after the public auction may be advertised in the local press and sold on an individual basis, or, depending upon their condition, they may be designated by the Bursar as scrap.
- Scrap will be treated separately and "sold as scrap" locally.