FMPM 940 Donated Property, Plant, Equipment and Cash

Policy Financial Management Further Applications (FMPM 900 - FMPM 999) FMPM 940 Donated Property, Plant, Equipment and Cash

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Intent

The intent of this policy is to set out the requirements regarding donations of property, plant, equipment and cash to and from the University. (Refer to the University’s Reportable Gifts Policy for donations of items which fall outside this policy).

Scope

Function

Responsibility of

Identification of Donation

Staff Member

Assessment of taxation implications

Director, Financial and Business Services

Acceptance of donated property

Finance Committee

Acceptance of donated plant or equipment

Relevant member of the Senior Executive

Acceptance of donated cash

Relevant member of the Senior Executive

Acknowledgement of donations

Vice Chancellor

Management of donated property

Director, Estate Office

Management of donated plant or equipment

Head of Organisational Unit

Management of donated cash

Director, Financial and Business Services

Approval to donate property

Refer to Financial Delegations Register

Approval to donate plant or equipment

Refer to Financial Delegations Register

Approval to donate cash less than or equal to $1,000

Refer to Financial Delegations Register

Approval to donate cash up to and including $20,000

Refer to Financial Delegations Register

Approval to donate cash greater than $20,000

Refer to Financial Delegations Register

Definitions

Capital Asset

Non-Capital Asset

Property, Plant and Equipment

Policy

Requirements

When staff become aware of an impending donation of property, plant, equipment or cash to or from the University, they must advise:

  • The Director, Financial and Business Services; and

  • The relevant member of the Senior Executive.

Donations (property, plant, equipment or cash) to the University:

  • Prior to the University accepting any donation of property, plant, equipment and cash, the Director, Financial and Business Services must ensure that the donation does not compromise the University’s status as a charitable institution under the Income Tax Assessment Act 1997;

  • Prior to the acceptance of any donated property, the Deputy Vice Chancellor, Services and Resources will undertake an assessment of the University’s capacity to maintain the property.   Based on this assessment, the Deputy Vice Chancellor, Services and Resources will recommend to Finance Committee for approval the acceptance of the donated property;

  • Prior to the acceptance of  any donated plant, equipment or cash the relevant member of the Senior Executive  must ensure that:

    • the donation does not compromise the University:

    • it is on terms and conditions acceptable to the University;

    • it is compatible with the aims and objectives of the University; and

    • the University has the capacity to maintain the plant or equipment.

  • The Vice-Chancellor, on advice from the Director, Financial and Business Services, is responsible for acknowledging any donated property, plant, equipment and cash to the University.

  • The Director, Estate Office is responsible for managing property donated to the University.

  • The Head of the Organisational Unit is responsible for managing plant or equipment donated to the University.

  • The Director, Financial and Business Services, is responsible for managing cash donations.

Donations (property, plant, equipment or cash) by the University:

  • Donations to an organisation or individual must:

    • support the aims and objectives of the University; and

    • not cause a benefit to be conferred on University employees, members of University Council, or associates of these individuals.

  • Finance Committee is responsible for the approval of the donation of property as outlined in the Financial Delegations Register;

  • The Vice Chancellor must approve the donation of plant or equipment as outlined in the Financial Delegations Register;

  • The Head of the Organisational Unit is responsible for the approval of cash donations less than or equal to $1,000 as outlined in the Financial Delegations Register.

  • The Vice Chancellor must approve cash donations up to $20,000 as outlined in the Financial Delegations Register.

  • Council must approve cash donations greater than $20,000 as outlined in the Financial Delegations Register.

Related documents and legislation

Financial Delegations Register

Income Tax Assessment Act 1997 – Sec 50-5

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

Administration

Approval Details

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Policy Sponsor

Deputy Vice Chancellor, Services and Resources

Approval Authority

Finance Committee

Date for next review

08/2016

Revision History

NOTE: A minor amendment will not result in a change of the next major review date.

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect

Version

Approval date

Implementation date

Details

Author

17-121/02/201722/02/2017Titles, roles and delegations updated to reflect current practice.Quality, Standards and Policy Officer

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

11-01

18/08/2011

18/08/2011

Finance Committee (06/11)

 

06-01

10/2006

12/2006

 

There are no related procedures.

There are no other related documents.