5.2 Security of Cash, Banking and Stock
The procedures governing the control and custody of cash and other forms of currency have been dealt with in sections 2.7 and 4.1 whilst those for stock are contained in section 5.6. Staff responsible for cash or stock must ensure that it is kept in a safe place and that adequate security measures are in hand to guard against theft and robbery. Cash should be banked as quickly as possible.
5.3 Inventories of Furniture and Equipment and other Non-consumables
5.3.1 Introduction
Financial regulations make Heads of Department responsible for maintaining departmental inventories of plant, equipment and furniture and for the security and custody of these assets.
Apart from being good practice in terms of stewardship of the College’s assets, the maintenance of an inventory will be useful to the department as a means of managing equipment, tracking its location and recording its eventual disposal. From an audit point of view, it will enable a department to demonstrate that it can account for assets purchased and has control over the disposal of its assets. It also provides a record of the assets held by the department which may be needed to support insurance claims.
5.3.2 Asset Management Interface (AMI)
To assist in the control of assets and to standardize the information recorded in inventories a database known as the Asset Management Interface (AMI) has been developed by ITS (Applications) and departmental inventories are now held in that database. Users, nominated by Heads of Department, have been given password controlled access to AMI with responsibility to ensure that the record of departmental assets is kept up to date. For audit purposes departments will be required to confirm their inventories at least once per annum.
For information about AMI and instructions for use, go to AMIWord Help document.
5.3.3 Acquisitions
A ‘Property of Goldsmiths’ bar-coded label must be given to:
- All items that have an original cost of more than £1,000 whether purchased, donated or leased;
- Computing and audio visual equipment items that have an original cost of more than £300
Assets that have an original cost of less than the limits stated may be added to the inventory at the discretion of the Head of Department. For example, attractive and portable items that are considered vulnerable to theft, items frequently out on loan etc.
Computing Equipment: All computing equipment purchased through ITS will be labeled on its arrival in the College. ITS will arrange for the equipment to be logged in AMI and for a recharge to be made to the purchasing department concerned. Information about the location of the equipment etc will then need to be added to database by the nominated AMI user in the department.
Other assets: Assets not acquired through ITS should be entered into AMI as soon as possible after receipt. Labels will normally be issued by the Finance Department after the asset has been entered into AMI and the asset has been signed off.
5.3.4 Security
Staff responsible for technical equipment and other valuable machinery, including office equipment, must ensure that adequate precautions have been taken to deter theft.
Where valuable equipment is taken off College premises for use on official business, then special insurance cover should be arranged with the Finance Department in accordance with procedures issued from time to time.
5.3.5 Disposal
Details of any proposed disposal of equipment or other departmental assets should be supplied to the Director of Finance using the disposal facilities in AMI.
5.4 Investments and Long-term Loans
The Director of Finance shall be responsible for advising the Finance and Resources Committee of any long-term investments and long-term loans made by the College. Purchase and sale of investments must be according to approved policies and should have the sanction of the Committee before being effected.
5.5 Land and Buildings
A register of all land and buildings held by the College, distinguishing between freeholds and leaseholds, shall be maintained by the Head of Estates and Services. The occupation of College property for residential or commercial purposes must be recorded by formal agreement and arrangements notified to the Director of Finance for the collection of rents and other charges payable.
The legal documents and deeds relating to College land and buildings must be kept in safe custody and made available for inspection by College and HEFCE auditors when required.
Property must be adequately insured and the Head of Estates and Services must liaise with the Finance Department to maintain insurance cover and advise changes which may require insurance to be reviewed.
5.6 Stock Accounting
5.6.1 Introduction
Stock is held by several departments of the College. These include the Reprographic Unit, Information Technology, the Art and Textile shops and Halls of Residence. Due to the differences in size and nature of stocks held, broad guidelines covering the main aspects of control and accountability are given below.
5.6.2 Responsibility for Stock
The head of each department is responsible for the care and custody of stock in his/her department.
5.6.3 Records Kept
Stock records shall be kept in a form approved by the Director of Finance and these must provide for the following minimum requirements:
(i)Receipt and issue of stock
(ii) Returns to stock (of issues in excess)
(iii) Pricing of stock
(iv) Stocktaking schedules