FIXED ASSETS MANAGEMENT POLICY MARCH 2015 -...
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1 UNIVERSITY OF NAIROBI FIXED ASSETS MANAGEMENT POLICY MARCH 2015
Transcript of FIXED ASSETS MANAGEMENT POLICY MARCH 2015 -...
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UNIVERSITY OF NAIROBI
FIXED ASSETS MANAGEMENT
POLICY
MARCH 2015
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VISION
A world-class university committed to scholarly excellence MISSION To provide quality university education and training and to embody the aspirations of the Kenyan people and the global community through the creation, preservation, integration, transmission and utilization of knowledge CORE VALUES
Freedom of thought and expression;
Innovativeness and creativity; Good governance and integrity; Team spirit and teamwork; Professionalism; Quality customer service;
Responsible citizenship; National cohesion and inclusiveness.
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Foreword
The University of Nairobi is the premier institution of higher learning in the country.
Having been established as the Royal Technical College in 1956, the institution morphed
into the Royal College, Nairobi in 1963, then a constituent college of the University of
East Africa. It eventually became the University of Nairobi in 1970, and for more than a
decade was the only University in Kenya.
Within the duration of its existence, the University has acquired assets in various forms,
some fixed and others moveable. Though they have largely been properly taken care of
and well kept, records of the assets have been kept in an ad hoc manner. A register of
the assets has also been kept but this has not been guided by any policy.
It is therefore important that the University prepares a policy to guide the management
of its assets, targeting mainly the fixed assets. The main purpose of the policy is to
track the cost of the assets, how they are maintained, the depreciation levels and how
they can be disposed.
In particular, the assets management policy will guide in recording and capitalization of
the assets, the methods of depreciation and impairment of the assets, timing for
valuations and revaluations and procedures for retirement, write off and disposal of the
same.
Whereas the core business of managing this process and implementing the assets
management policy will fall in the Finance and Estates Departments, all units of the
University have a responsibility to ensure there is proper management and utilization of
the assets under their care. This includes keeping an updated inventory of the assets
and their current state.
I therefore call upon all Unit heads to familiarize themselves with the contents of this
policy and ensure its proper implementation in all the Units across the university.
Peter M. F. Mbithi, EBS,PhD Vice Chancellor & Professor of Veterinary Surgery
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Preface
The University has a significant investment in fixed assets such as land, buildings and
equipment, which are used to carry out its core mandate of teaching, learning and
research. Though these assets have been properly taken care of and well kept, the
records of the assets have been kept in an ad hoc manner. The University
administration therefore found it prudent to develop a policy to guide in the
management of the fixed assets register.
The Vice Chancellor therefore appointed a Fixed Asset Register Automation committee
with the following mandate: to identify and tag the University’s moveable assets;
valuation of the identified assets; coding, processing and activating the assets module
in Financial Information Management System (FIMS); and ultimately develop the
University of Nairobi fixed asset management policy.
The purpose of this policy is to ensure that the University’s fixed assets are acquired,
safeguarded, accounted for, controlled and disposed of in accordance with the Laws of
Kenya, International Financial Standards and Generally Accepted Accounting Principles.
This Policy is designed to ensure a uniform understanding of capitalization of the
University’s fixed assets and the efficient management of the fixed assets register.
The Policy addresses among others the following issues related to fixed assets:
definition, categorization, additions, tagging, disposal or transfer, depreciation,
inventory and capital budgeting of fixed assets.
In discharging its mandate the committee held several meetings and consultations with
various stakeholders. In this regard, the Committee wishes to thank the Vice-Chancellor
and the University Management Board for their support and guidance in preparing this
Policy document. The committee also wishes to thank the management of Kenya Ports
Authority, Kenya Airways and Kenya Power Limited for the support in the preparation of
this Policy document.
Peter K. Busienei Deputy Finance Officer (G) & Chairman, Fixed Assets Register Automation Committee
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TABLE OF CONTENTS
Foreword ...................................................................................................................................................... 3
Preface ......................................................................................................................................................... 4
Abbreviations ............................................................................................................................................... 7
Definition of Terms ..................................................................................................................................... 8
Rationale ...................................................................................................................................................... 9
1.0 Introduction ........................................................................................................................................ 10
1.1 Preamble ..................................................................................................................................... 10
1.2 Policy Statement ........................................................................................................................ 10
1.3 Policy Objectives ........................................................................................................................ 11
2.0 Responsibility for Asset Management ............................................................................................ 11
3.0 Classification of Fixed Assets and Codes ....................................................................................... 13
3.1 Assets Categorization ................................................................................................................ 13
3.2 Asset Coding ............................................................................................................................... 14
4.0 Capitalization ...................................................................................................................................... 15
4.1 Capitalization Procedure ........................................................................................................... 15
4.2 Capitalization Guiding Principles .............................................................................................. 15
5.0 Asset Valuation and Revaluation ..................................................................................................... 16
5.1 Valuation of Assets .................................................................................................................... 17
5.2 Revaluation of Assets ................................................................................................................ 17
6.0 Donated Assets .................................................................................................................................. 18
7.0 Capital Budget .................................................................................................................................... 18
8.0 Asset Tagging .................................................................................................................................... 18
9.0 Depreciation ....................................................................................................................................... 19
9.1 Depreciation Rates ..................................................................................................................... 19
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9.2 Posting of Depreciation ............................................................................................................. 19
10.0 Inventory of Fixed Assets .............................................................................................................. 20
11.0 Movement of Fixed Assets between the Units ............................................................................ 20
12.0 Disposal of Fixed Assets ................................................................................................................. 20
12.1 Asset Impairment .................................................................................................................... 20
12.2 Asset Disposal .......................................................................................................................... 20
13.0 Monitoring and Evaluation ............................................................................................................. 21
14.0 Review and Revision of the Policy ................................................................................................ 21
MEMBERSHIP ............................................................................................................................................ 22
APPENDIX I................................................................................................................................................ 23
APPENDIX II .............................................................................................................................................. 24
APPENDIX III............................................................................................................................................. 25
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Abbreviations
a) DADF –Donated Asset Declaration Form
b) DVD – Digital Versatile Disc or Digital Video Disc
c) FADF- Fixed Asset Disposal Form
d) FATF –Fixed Asset Transfer Form
e) GRN – Goods Received Note
f) IAS – International Accounting Standards
g) IFRS – International Financial Reporting Standards
h) PC – Personal Computer
i) ROI – Return on Investment
j) WIP – Work-In-Progress
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Definition of Terms
a) Asset: this is an economic resource owned by an entity that generates benefits or service which will flow to the entity and whose costs of fair value can be measured reliably
b) Fixed Asset/Capital Asset: All assets which cannot easily be converted into cash and which are usually held for a long period of time, including land, buildings, equipment and furniture
c) Coding: is generating and assigning a number to an asset for identification and classification.
d) Tagging: is the process of numbering and labeling fixed assets and allow the
tracking of their movement from location to location.
e) Asset Impairment: is an abrupt decrease of the fair value of an asset due to physical damage, significant changes in economic, market or legal environment, obsoleteness, or idleness of the asset.
f) Capitalization: is the recognition of expenditure of an Asset in the Financial Asset Register
g) Depreciation: this is a non-cash expense that reduces the value of an asset as a result of wear and tear, age or obsolescence
h) Disposal: It is the sale, transfer of ownership or destruction of surplus or obsolete assets
i) Revaluation: the upward or downward adjustment of the net book value of a fixed asset to account for major changes in the fair market value of the asset.
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Rationale
The University of Nairobi has gone through tremendous changes over the years in the management of its affairs. It is also evident that the University is moving away from conventional systems of management towards embracing modern management techniques, including results-based performance and quality management systems.
The University’s Vision is anchored on world class excellence in service delivery. To
support this Vision, there is need for effective management of the University fixed
assets. This provides the rationale for developing and implementing a comprehensive
fixed assets management policy.
This policy is designed to support the University’s business as spelt out in the 2013-
2018 Strategic Plan, Statutes as well as other policy documents and guidelines. One
of the strategic objectives in the University’s Strategic Plan is “to manage the
University efficiently”. This policy will assist the University in achieving this strategic
objective.
The Finance and Estates departments in the University are charged with the
responsibility of ensuring that the fixed assets register is managed effectively and
used prudently. These assets include land, equipment, ICT resources, furniture,
motor vehicles, physical facilities, plant and machinery.
This policy defines methods and procedures for recording, acquiring, movement,
classification, tagging, capitalization, revaluation, depreciation, retirement and
disposal of fixed assets. It has been developed in compliance with International
Financial Standards to ensure that the University assets are managed prudently and
accounted for.
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1.0 Introduction
1.1 Preamble
Except to the extent to which the context may otherwise require, this policy shall be construed in accordance with the following provisions:
a) This policy shall apply to fixed assets acquired with funding originating
from the University, the government or other external sources, and by gift or loan.
b) Any word or expression denoting any gender shall include both genders;
c) Words denoting the singular only may also include the plural, and vice
versa, where the context requires;
d) This policy shall apply only in respect of management of the University's fixed assets specifically land, buildings, plant, equipment, furniture, software, goodwill and other assets of an enduring nature which are owned and controlled by the University;
e) Where the term asset is used in this policy, it refers to fixed asset whose economic benefit to the University exceeds one year.
1.2 Policy Statement
The purpose of this policy is to define the guidelines, regulations and procedures governing the control and reporting of fixed assets. This includes accountability over the assets, meeting financial reporting needs, and generating asset management information.
It is intended to assist the University in implementing and maintaining an effective fixed assets control program. The implementation of an effective and accurate process for tracking fixed assets is necessary for several reasons:
a) The University requires to track asset cost, depreciation and disposal.
Assets to be depreciated will be categorized and assigned a depreciation life.
b) The University also uses asset records for insurance purposes. In the event of a loss, it is necessary to have an accurate record of the University assets to ensure comprehensive insurance coverage.
c) Most importantly, it is for accountability reason. It is important to have a policy that helps to account for the use of University funds.
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1.3 Policy Objectives
This document undertakes to describe standard policies required for recording new and existing assets, changes in assets and the methodology of record keeping. Moreover, it is intended to provide procedures to assist the University in safeguarding, accounting for and disposal of assets.
The objectives of this policy are to ensure that:
a) Procedures for recording and capitalization of fixed assets have been
established; b) Methods of depreciation, impairment, diminution and amortization of
fixed assets have been established; c) Timings for revaluations and accounting in respect of the fixed assets
have been determined and documented; d) Procedures for write off and disposal of fixed assets have been
established; and e) The University assets are accounted for in compliance with international
Financial Standards.
2.0 Responsibility for Asset Management
The responsibilities of various key offices in the enforcement of this policy
are as follows:
2.1 Vice Chancellor
The Vice Chancellor shall have overall responsibility for oversight, monitoring, implementation and enforcement of this policy and related regulations or procedures.
2.2 College Principals
College Principals shall be responsible for familiarizing themselves with and sensitizing staff within their Colleges on this Policy. They will also ensure that:
Current inventory of all fixed assets within the College is properly maintained;
They notify the Estates Manager and the Finance Officer whenever fixed assets are acquired, transferred, donated, impaired, stolen, lost or otherwise disposed;
Identify and report to the Estates Manager and Finance Officer any surplus assets which are useable but need not be in their college, or which is beyond economic repair and needs to be disposed of; and
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Assets under their custody are secured, handled with care and used for official University business only.
2.3 Heads of Department/Units
Heads of Units in Central Administration and SWA shall be responsible for familiarizing themselves with and sensitizing staff within their Units on this Policy. They will also ensure that:
Current inventory of all fixed assets within their Units are properly maintained;
They notify the Estates Manager and the Finance Officer whenever fixed assets are acquired, transferred, donated, impaired, stolen, lost or otherwise disposed;
Identify and report to the Estates Manager and Finance Officer any surplus assets which are useable but need not be in their Units, or which is beyond economic repair and needs to be disposed of; and
Assets under their custody are secured, handled with care and used for official University business only.
2.4 Estates Manager
The Estates Manager shall be responsible for custody, management and control of assets in the University.
2.5 Finance Officer
The Finance Officer shall be responsible for coordinating asset audits and physical inventories with the Estates Manager as well as recording capital asset acquisitions, transfers and disposals. Where necessary, the Finance Officer shall evaluate, review or adapt the policy or the implementation of the policy, in order to improve assets management and comply with changes in the financial reporting standards.
2.6 Senior Accountant (Capital Section)
The Senior Accountant Capital Section shall familiarize himself with this Policy and also ensure that:
Current inventory of all fixed assets within the University are properly maintained;
Changes are effected and notify the Estates Manager and the Finance Officer whenever there are changes in the fixed assets register; and
Assets in the University are secured.
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3.0 Classification of Fixed Assets and Codes
3.1 Assets Categorization
Fixed assets shall be classified as follows:
NO
CATEGORY SUB CATEGORY
ITEM ID CODE ITEM
SUB-CODE
SUB-ITEM
1 001 Land 010 Lease Hold 001-010
020 Free Hold 001-020
2 002 Buildings
010 Office Blocks 002-010
020 Lecture Theatres 002-020
030 Laboratories 002-030
040 Workshops 002-040
050 Hostels 002-050
060 Residential Houses 002-060
070 Others 002-070
3 003 Furniture & Fittings
010 Chairs 003-010
020 Sofa Sets 003-020
030 Tables 003-030
040 Desks 003-040
050 Beds 003-050
060 Mattresses 003-060
070 Cabinets/Bookshelves 003-070
080 Counters 003-080
090 Others 003-090
4 004 Plant & Equipment
010 Fixed Machines 004-010
020 Movable Machines 004-020
030 Trailers 004-030
040 Safes 004-040
050 Fridges/ Freezers 004-050
060 Water Dispensers 004-060
070 Cold Rooms 004-070
080 Water Pumps 004-080
090 Air Conditioners 004-090
100 Irrigation Equipment 004-100
110 Water Tanks 004-110
120 Cookers 004-120
130 Telephone Equipment 004-130
140 Others 004-140
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NO
CATEGORY SUB CATEGORY
ITEM ID CODE ITEM
SUB-CODE
SUB-ITEM
5 005 Motor Vehicles
010 Buses 005-010
020 Lorries 005-020
030 Pick-Ups 005-030
040 Tractors 005-040
050 Motor Boats 005-050
060 Ambulances 005-060
070 Vans 005-070
080 Cars 005-080
090 Motor Cycles 005-090
100 Water Bowsers 005-100
110 Others 005-110
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006 Computers and ICT Infrastructure
010 Desktop Computers 006-010
020 Laptops 006-020
030 Servers 006-030
040 Printers 006-040
050 Scanners 006-050
060 Copiers 006-060
070 Projectors 006-070
080 Network Cabling 006-080
090 TVS 006-090
100 Others 006-100
7 007 Academic Attire
010 Gowns 007-010
020 Hoods 007-020
030 Caps 007-030
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008 Intangible Assets
010 ICT Software / Databases 008-010
020 Patents 008-020
030 Copy Rights 008-030
040 Trademarks 008-040
050 Licenses 008-050
3.2 Asset Coding
The code/tag shall be segmented as follows:
a) Segment 1- Shall take 3 characters identifying the institution i.e
UON
b) Segment 2- Shall take 7 characters as follows:
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i. 2 Characters to identify the College/Central administration/
SWA.
ii. 3 Characters to identify Central departments/ faculty/ school
/ institute / centre.
iii. 2 Characters to identify unit/ teaching departments/ section.
c) Segment 3- Shall take 3 characters identifying the cost centre.
d) Segments 4- Shall take 6 characters
i. 3 characters for main category
ii. 3 characters for sub-category
e) Segment 5- shall take 4 characters identifying the item.
Example:
A printer in FIMS Office Finance department shall be coded and tagged as
follows:
CODE: UON/07-010-30/020/006-040/0554
TAG: UON/CAD-FIN-FIMS/006-040/0554
Where 0554 is the printer number, which is auto generated.
4.0 Capitalization
4.1 Capitalization Procedure
a) This procedure involves establishing criteria and/or threshold(s) for
classifying an item as a fixed asset.
b) Appropriate capitalization thresholds for fixed assets are to be
determined by the University using reasonable and consistent
rationale.
c) The University primarily acquires assets either as complete units ready
for use (direct acquisition) such as vehicles, computers, equipment
and projectors or through project expenditure for assets like buildings
and roads (indirect acquisition).
4.2 Capitalization Guiding Principles
The capitalization thresholds shall be as follows:
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a) Land, buildings and motor vehicles shall be capitalized regardless of
the cost.
b) Asset additions, enhancement, repair, replacement or expansion
expenditures that enhance or extend the useful economic life of the
assets shall be capitalized.
c) Work in progress costs shall be closed out and capitalized into the
appropriate assets classification when a project is complete,
acceptable and placed into use.
d) Expenditure incurred in acquiring Information Technology equipment
e.g. laptops, notebooks, desktop computers, servers, printers shall be
capitalized. Where there is additional expenditure to improve/upgrade
existing equipment, the expenditure shall be capitalized.
e) Furniture and equipment acquired with a value of more than KSh. 10,000.00 and expected lifespan of five years shall be capitalized. However equipment of a household nature e.g microwaves, fridges, hotplates, utensils acquired for use in administrative offices will not be capitalized
f) Assets whose value is below KSh. 10,000 are expensed in the fiscal year of purchase and are not capitalized.
g) When assets are capitalized, the University shall assign an asset number and arrange for the asset to be tagged with the asset number for control purposes.
h) Costs incurred to keep a fixed asset in its normal operating condition that does not extend the original useful life of the asset or increase the asset’s future service potential are not capitalized. These costs are expensed as repairs or maintenance.
5.0 Asset Valuation and Revaluation
The responsibility to undertake valuation and revaluation of assets lies with the Finance Officer and the Estates Manager.
The objectives of valuation are:
i) To ascertain fair values of fixed assets for accounting purposes for sale, disposition or other purposes;
ii) To facilitate reconciliation of the fixed asset register and the physical inventory of assets
iii) Establish replacement costs for purposes of insurance and general replacement of assets
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iv) Establish and advice on the expected useful life in years for the fixed assets from the date of revaluation
v) To enable proper internal reconstruction, such as to decrease the ratio of debt to equity.
5.1 Valuation of Assets
a) Valuations of land when carried out by independent valuers are the
most appropriate methods of obtaining land values. Using the concept
of current cost, land will be valued at market value.
b) Anything done on land to improve its utility, service potential or make
it ready for an identified use that has a limited useful economic life
should be included in the land improvements. The valuation basis
most appropriate to land improvements will be replacement cost.
c) Land improvements when considered to have an unlimited life shall
be valued as part of the land rather than as a separate component as
the two items may be difficult to separate.
d) For building structures, determination of current cost will generally be
established by engineers or licensed Valuers.
e) Furniture and equipments, computers, motor vehicles and academic
gowns are valued at cost.
5.2 Revaluation of Assets
a) Revaluation shall be conducted after every 5 years for land and
buildings. Other assets of operating nature such as furniture and
equipment, computers, motor vehicles and academic gowns may be
revalued if the University management considers it appropriate.
However, under normal circumstances these assets need not be
revalued due to their fast turnover.
b) The asset register is to be maintained using the historical data and
original cost for regulatory purposes. The valuation report will be used
as evidence to update the value of assets in the financial statements.
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6.0 Donated Assets
Where a department/unit receives a gift or donation of an asset, it should fill
in Form DADF (Appendix I) and forward to the Senior Accountant capital
section to record into the fixed assets register.
7.0 Capital Budget
a) Departments and units shall prepare their estimates for the various
capital expenditure requirements as follows:
NO CLASS CUSTODIAN
1 Land Estates
2 Buildings Construction & Maintenance
3 Furniture & Equipments Departments/Units
4 Motor vehicles Transport
5 Computers Departments/Units
6 ICT Infrastructure ICT Centre
7 Academic gowns Colleges/Academic Division
b) The budget items shall be consolidated at the central finance office
and rationalized by the University Budget Committee before approval
by the University Council. The list of expense codes should be
considered when purchasing a capital asset against a departmental
budget.
8.0 Asset Tagging
a) Tagging shall be done to identify assets as belonging to the University. The importance of tagging is to:
i) Provide an accurate method of identifying individual assets;
ii) Assist in taking of the physical inventory;
iii) Control the location of physical assets; and
iv) Aid in the maintenance of fixed assets.
b) The tag number is entered in the asset master record at the point of
tagging by the officer in charge of asset tagging. The asset tag itself
will be issued by the Finance Officer to the assignee (with
responsibility for the asset) for attachment to the asset.
c) Even though non-movable, capitalized assets are not tagged, the asset number shall be recorded but not physically attached to the asset.
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d) Any asset whose cost exceeds KSh 10,000 and has a life greater than
one year should be tagged.
e) Furniture and equipment including health and fitness machines with a replacement cost above KSh. 10,000 must be tagged. This includes but is not limited to:
i) Furniture ii) Computers and Laptops iii) Audio Visual Equipment
f) Other special assets to be tagged regardless of their value include
assets such as overhead projectors, printers, televisions, DVD players, video cameras, digital cameras, fax machine, PCs, monitors, laptop computers, tablets and any asset that may be easily stolen.
g) The tags should be consistently placed in the same location on each similar asset type. The tags should be placed, if possible where they can be:
i) Easily accessible
ii) Easily identifiable without disturbing the operation of the asset.
9.0 Depreciation
Depreciation is charged on a straight line basis calculated at cost or valuation of an asset over its useful economic life. Depreciation is charged in full during the year of acquisition and nil during the year of disposal.
9.1 Depreciation Rates
The annual rates of depreciation for each class of assets are as follows:
NO CLASS RATE
1 Land NIL
2 Buildings 2%
3 Furniture & Equipments 10%
4 Motor vehicles 20%
5 Computers & ICT Infrastructures 20%
6 Academic gowns 5%
9.2 Posting of Depreciation
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a) Depreciation shall be calculated monthly and charged to the income statement.
b) The depreciation shall be effective from 1st day of the subsequent
month, following the date of capitalization.
10.0 Inventory of Fixed Assets
a) A register of fixed assets shall be maintained by the Finance Officer.
b) Title deeds, leases and contracts relating to land and buildings shall be
maintained by the Estates Manager.
c) The Estates Manager and the Finance Officer shall annually conduct an
inventory inspection of all fixed assets of the University.
11.0 Movement of Fixed Assets between the Units
When an asset is transferred to another Unit, the transferring Unit together
with the receiving Unit shall fill in Form FATF (Appendix II) and forward to
the Senior Accountant Capital Section to record into the fixed assets register.
12.0 Disposal of Fixed Assets
12.1 Asset Impairment
a) A capital asset will be considered to be impaired when its service utility has permanently declined significantly. Events or changes that may lead to impairment include: physical damage, stalling of construction projects, obsolescence, technological, legal or environmental changes.
b) An asset shall be declared impaired by the User as defined in section 7.0 above.
c) The responsibility to record the impairment of assets and reversals of
impairment losses lies with the Finance Officer.
d) For the purposes of financial statements and in compliance with International Financial Standards, impairment of assets shall be recognized at the end of the Financial Year.
12.2 Asset Disposal
a) The University shall dispose fixed assets that are in surplus, not in working condition, obsolete or dismantled.
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b) Fixed Assets identified for disposal shall be disposed of after completing the Declaration for Disposal of Fixed Assets DDFA Form (Appendix III).
c) The University shall dispose fixed assets where the assets are:
i) Fully depreciated and cannot be economically used;
ii) Not fully depreciated but are damaged beyond repair; and
iii) Unserviceable or obsolete.
d) All disposals shall be done through the University Disposal Committee and in accordance with the Public Procurement and Disposal Act and associated regulations.
13.0 Monitoring and Evaluation
The implementation of the Fixed Assets Management Policy shall be
monitored and evaluated annually by the University Management.
14.0 Review and Revision of the Policy
The review and revision of this policy shall be done as and when need arises.
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MEMBERSHIP
The following were the members of the Fixed Assets Register Committee:
1. Mr. Peter K. Busienei - Chairman
2. Mr. Ibrahim Otieno - Member
3. Mr. David C. Gichuru - Member
4. Mrs. Damaris M. Kavoi - Member
5. Mrs. Lucy W. Gachara - Member
6. Mr. Peter M. Muturi - Co-opted Member
7. Mr. Leonard M. Musyoka - Co-opted Member
8. Ms. Esther W. Ndung’u - Co-opted Member
9. Mr. Stanley M. Mwangi - Secretary
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APPENDIX I
FORM DADF
UNIVERSITY OF NAIROBI
DONATED ASSET DECLARATION FORM
This form is used to add donated assets to the fixed assets register.
College: __________________________________________________
Faculty/School/Institute/Centre: ________________________________
Department/Unit: ____________________________________________
ASSET INFORMATION
Description: _________________________ Date of Donation: _________________
Make/Model: ________________________ Manufacturer: ____________________
Serial No: ___________________________ Part No/Vehicle Reg.: ______________
Asset Type: _________________________ Tag No: _________________________
Prepared by: ________________________ Date: ____________________
Checked by: _________________________ Date: ____________________
Please forward this form to Finance Department within a month. A copy of the form will be returned to you with a Permanent Tag Number.
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APPENDIX II
FORM FATF
UNIVERSITY OF NAIROBI
FIXED ASSETS TRANSFER FORM
This form is used for transfer of fixed assets
From: To:
College: ____________________________ College: ____________________________
Faculty/School: ______________________ Faculty/School: ______________________
Department/Unit: _____________________ Department/Unit: _____________________
Reason for Transfer:
_________________________________________________________________________
_________________________________________________________________________
ASSET INFORMATION
Description: _________________________ Date of Purchase: _____________________
Make/Model: ________________________ Manufacturer: ________________________
Serial No: ___________________________Part No/Vehicle Reg.: __________________
Asset Type: _________________________ Tag No: _____________________________
Prepared by: ________________________ Date: ____________________
Accepted by: _________________________ Date: ____________________
Please forward this form to Procurement Department within a month.
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APPENDIX III
FORM DDFA
UNIVERSITY OF NAIROBI
DECLARATION FOR DISPOSAL OF FIXED ASSETS FORM
This form is used to declare fixed assets for disposal
College: __________________________________________________
Faculty/School/Institute/Centre: ________________________________
Department/Unit: ____________________________________________
Reason for Disposal: (Please tick)
Obsolescence [ ] Unserviceable [ ] Damaged [ ] Surplus [ ] Other: ___________
ASSET INFORMATION
Description: _________________________ Date of Purchase: _____________________
Make/Model: ________________________ Manufacturer: ________________________
Serial No: ___________________________ Part No/Vehicle Reg.: __________________
Asset Type: _________________________ Tag No: _____________________________
Prepared by: ________________________ Date: ____________________
Authorized by: _________________________ Date: ____________________
Please forward this form to Procurement Department within a month.
