DISPOSAL OF ASSETS

The Policy

The purpose of this policy is to lay out the requirements for disposing of ADUC Property, Plant, and Equipment and ensure ADUC best interests.

• Fixed assets that ADUC no longer requires should be disposed of. Before disposal, the department heads must make a judgment on the non-possibility of redeploying the concerned assets. 
• Fixed assets that are no longer functional, not fit for purpose, and are beyond repair must be disposed of to avoid maintenance and hazard problems.
• Lost, stolen, and destroyed assets must be reported, following which the Fixed Asset Register (“FAR”) will be updated.

Procedure

• Heads of the Department Submit the assets disposal form to the Accounts Department. 
• Accounts Department to approach potential customers who may be interested in purchasing the asset. At least two bids should be obtained for all assets.
• The Accounts Department will calculate the value of the profit or loss on disposal.
• The removal and backup of data before disposal of assets is the Heads of Department’s responsibility.
• The Accounts Department will update the Fixed Assets Register and EIAS Accounting Module.