Asset Management Policy

Introduction: Assets mean physical properties that has values which are owned by the institution. These are to be used by the college in proper manner for the smooth and excellent functioning of the college. Effective and efficient management of college assets will assist to the improvement of academic and administrative activities. Therefore, it is imperative to create an accurate assets records to develop, operate and maintain it, in cost- effective ways.

Objectives: The main objective of asset management policy is to ensure setting down a clear and effective system of usage and operations of college assets. It will include

• To identify assets
• To define appropriate protection measures
• To set proper guidelines/regulation for use
• To know the responsibility of maintenance
• To keep accurate records/stock register
• To identify the custodian of assets
• To identify usable assets
• To dix transfer process/procedure
• To review the status periodically
• To conduct an annual asset verification

Definitions:

Movable asset: – Movable assets mean any machinery, furniture, computers, equipment, Amirah’s, smart classroom equipment that can be removed without any damage.

Immovable Asset: Immovable assets are land, physical structures fixed to the land including building, ponds, swimming pool, roads/lanes, playground etc.

Enforcement/Compliance:

All staff of the institution will strictly comply this policy and it is to be reviewed periodically by the asset management committee.

Reasonability for Monitoring:

The asset management committee shall be responsible for monitoring of compliance of this policy by all stakeholders.

Asset Management Committee:

As per resolution adopted in the general body meeting, Moirang College Asset Management Committee is constituted for the purpose of looking after all the college assets periodically and manage the college assets in proper and safety manner.

Record Keeper: The individual who take the responsibility of keeping all records of college assets and daily business of shifting movable assets with proper procedure are to be noted and recorded accurately.

Transfer/ Shifting of Movable Asset:

In order to maintain accurate asset records, asset transfer shifting shall be recorded promptly. All assets owned by the college are to be assigned to the departments/offices and records are to be maintained by the office/departments where the assets are physically located. If temporary arrangement or shifting or transfer of furniture/ equipment/ computer/components of machine are needed, them a formal approval from the asset management committee is to be provided and all are to be recorded to the register by the record keeper. Individuals who move assets without the proper authorization are deemed to be invalidating property records and placing the college at risk in terms of auditing.

If asset item is missing without any record of shifting/transfer, then the concerned department/office where the asset is assigned will take the responsibility and it must inform/intimate to the asset management committee. Each department/office are responsible for maintaining and safeguarding all the assets entrusted to their department/office

Tagging: all movable assets are to be properly tagged and accounted.

Verification Periodically: Physical verification and evaluation of assets should be done periodically such that functional conditions and physical location of the assets are to be located.

Disposition of Assets:  In order to maintain accurate asset records, disposal of assets are to be recorded and disposal should be done with an approval of the asset management committee. These records shall reflect the functioning conditions of the item, whether the item is no longer operational and is beyond repairing condition. Also, it should be clearly recorded that the item is destroyed or stolen or sold (in the register of each item is damaged, stolen, destroyed or sold).

No equipment/furniture/computer/machinery/components should be removed, disposed of traded in or transferred without prior written approval from the asset management committee.

Personal property: the College is not responsible for any personal property. Personal property should be clearly identified during physical verification to ensure such property will not be placed in the college assets.

Off-Campus use: Any movable asset items are not allowed to use outside the campus by the staff or any other off campus personal. Use of football ground/swimming pool/Indoor stadium/Fitness Centre by the off campus personals without taking approval from the concerned authority/Planning Board are strictly prohibited.

Procurement of Assets:

Any new assets which is received from any source are to be recorded in the stock register prior to delivery for use.

Loss or theft of equipment: All the concerned stake holder will take proper care of College assets and protect from damage, loss, stolen. In the event of loss or stolen of college assets, the concerned individuals will inform to the Principal and Asset Management Committee in time and the Principal together with asset management committee should take immediate and appropriate measure towards fulfilment of the assets.