Updated policies, procedures for capital assets

As part of the ongoing effort to simplify and integrate administrative policies and procedures, Financial Affairs and Environmental and Occupational Health Support Services (EOHSS) have combined their policies on capital assets. Three policies that addressed the acquisition, capitalization, safeguarding, tracking, insurance and disposition have been combined.

Risk Management Manual (RMM) #901 Insurance and Protection of Moveable Assets, Asset Capitalization Guidelines, and Disposal of University Surplus Assets have been combined into one policy http://www.mcmaster.ca/bms/pdf/capassets.pdf and a related procedure; http://www.mcmaster.ca/bms/pdf/capprocedures.pdf.

Central tracking will now be in place for all new assets with an initial value of greater than $50,000. Responsibility of the central database will be shared by Financial Affairs and EOHSS. Assets will be entered into the central system by Strategic Procurement at the time of purchase, and departments will receive item tags and tagging instructions shortly after the purchase.

Departments and faculties should maintain their own records for capital items below the $50,000 threshold. Records must be available in order to qualify for reimbursement from the university’s insurance reserve in the case of loss of damage. Requirements to engrave provident numbers and acquire StopLocks are addressed in the procedures document.

If you have any questions, please do not hesitate to contact Roxanne Headrick at headrir@mcmaster.ca or ext. 24413 (tags) or Ryan Devers at eohss@mcmaster.ca or ext. 24352 (insurance).