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DISPOSAL OF ASSETS

ALDAR University Policy Library

FISCAL SOURCES, FINANCIAL MANAGEMENT, AND BUDGETING
DISPOSAL OF ASSETS

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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.