FMPM 200 Overview - Assets & Cash Management

Intent

To set out the requirements regarding the establishment and maintenance of:

• A cash management system; and
• An asset management system.

Scope

Assets and Cash Management

Definitions

Asset

Policy and Procedures

It is the responsibility of the Chief Financial Officer to establish and maintain a cash management system (FMPM 210-239 and 300-309) which efficiently, effectively and economically manages all cash resources.

The cash management system, including adequate internal controls, must provide for promptly:

• Identifying, collecting, paying and investing cash; and

• Recording transactions involving cash.

The policies and procedures established and documented to manage cash assets are contained with the FMPM 210-239 and 300-309.

It is the responsibility of:

• The Chief Financial Officer (FMPM 240-299, excluding 250 and 310-399); and

• The Director, Human Resources (FMPM 250),to establish and maintain an asset management system (FMPM 240-299 and 310-399) which efficiently, effectively and economically manages all asset resources.

The asset management system, including adequate internal controls, must provide for:

• Correctly identifying, acquiring, managing, disposing of, valuing, recording and writing off of assets;

• If the cost of acquiring, maintaining or improving a physical asset is considered significant, conducting an evaluation before making the acquisition or carrying out the maintenance or improvement;

• Reviewing the performance of completed significant assets to ensure the objectives in acquiring, maintaining or improving the assets were met;

• Regularly maintaining the assets; and

• Protecting the assets from loss.

In identifying, acquiring, managing, disposing of, valuing, recording and writing off of assets, the University must comply with the “Non-current asset policies for the Queensland Public Sector”.

In recording land assets, the University must comply with the “Property tenure government land policy”.

The policies and procedures established and documented to manage assets are contained with the FMPM 240-299 and 310-399.

Related documents, legislation or JCU Statutes

“Non-current asset policies for the Queensland Public Sector” published by Queensland Treasury

“Property tenure government land policy”- available from PMC Property Management Portal

“Queensland’s Project assurance framework” - available from Department of Infrastructure and Planning

“Queensland’s Value for money framework”- available from Department of Infrastructure and Planning

For enquiries in relation to this FMPM Policy please contact directorfabs@jcu.edu.au

Administration

Approval Details

Revision History