FMPM 920 Losses

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Intent

This policy sets out the requirements regarding notification of, and approval for, the write off of a loss.

Scope

Limitations

This Finance Directive excludes the following:

Function

Responsibility of

Notify Director, Financial and Business Services of loss

Head of the Organisational Unit

Investigate loss and prepare an internal report

Head of the Organisational Unit

Notify external authorities of loss (no misconduct)

Director, Financial and Business Services

Notify external authorities of loss (misconduct)

Vice-Chancellor

Maintain a register of material losses

Director, Financial and Business Services

Approval of the write off of a loss of $10,000 or more

Finance Committee

Approval of the write off of a loss less than $10,000

Director, Financial and Business Services

Definitions

Insurance

Loss

Material Loss

Policy

Requirements

  • The Head of Organisational Unit must;

    • immediately notify the Director, Financial and Business Services of any loss of University property for which their Organisational Unit is responsible.

    • promptly:

      • investigate the circumstances of the loss;

      • prepare an internal report;

      • recommend an action required to minimise the resulting loss;

      • take action to prevent the loss recurring; and

      • forward a copy of the report to the Director, Financial and Business Services.

  • If any loss arises from a cause which could constitute an offence under the Criminal Code or another Act, and the loss is:

    • a loss of money under the control of the University; or

    • loss of, destruction or damage to, property of or under the control of the University.

  • The Director, Financial and Business Services must give written notice about the loss to:

    • the Queensland Auditor-General; and

    • a member of the Police Force of Queensland.

  • The University must not:

    • abstain from, discontinue or delay a prosecution for any offence under the laws of the State in relation to any loss; nor

    • withhold, or promise to withhold or delay any evidence for the purposes of prosecution.

  • If the University considered the loss may be the result of:

    • an offence under the Criminal Code or another Act;

    • suspected official misconduct by an officer of the University; or

    • the conduct of a consultant or a contractor engaged by the University where the conduct would amount to official misconduct if it were the conduct of an officer of the University:

      • the Director, Financial and Business Services must refer the matter to the Audit & Assurance Office and Vice-Chancellor; and

      • the Vice-Chancellor must notify the Crime & Misconduct Commission in writing of the loss.

  • The annual financial statements of the University must disclose the classes of material loss and the total amount of the loss for each class.

Related documents, legislation or JCU Statutes

Financial and Performance Management Standard 2009 Sec. 21 & 22.

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

Administration

Approval Details

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

08/2016

Revision History

Version

Approval date

Implementation date

Details

Author

15-01

09/09/2015

10/09/2015

Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit

11-02

18/08/2011

18/08/2011

Finance Committee (06/11)


11-01

14/04/2011

14/04/2011

Finance Committee (02/11)


07-01

31/05/2007

18/06/2007



03-01

12/2003

12/2003



There are no related procedures.

There are no other related documents.