The Asset Management Policy covers all fixed and intangible assets owned by The Glebe Society. It covers the full life of the asset including acquisition, depreciation, enhancement & modification and disposal.
The treasurer shall determine if any item acquired by The Glebe Society Inc is an asset to be recorded in books of account. If acquisitions are not deemed assets the Secretary shall arrange for their proper disposal (including gift, sale, storage, display) and must be noted by the Management Committee.
It is the responsibility of the President to ensure that:
- Members are aware of this policy;
- Any breaches of this policy coming to the attention of the Management Committee are dealt with appropriately.
The location of assets will be recorded in the asset register. This will be maintained on a regular basis as far as practical. Items on Personal Issue will be recorded with a note stating the individual responsible for the item.
At least every three years, a review of the asset register will be conducted to verify the remaining depreciation of all current assets. The Treasurer will conduct the review. Revaluation may result from a range of circumstances including known technical obsolescence or redundancy due to change in requirements.
Assets will be disposed promptly at the end of their life. Assets may be used beyond their depreciable life and will be maintained as long as it is efficient to do so. Correspondingly, assets may also be disposed prior to the end of their depreciable life if they are no longer required or it is no longer efficient to retain the asset.
The Management Committee must approve the disposal of assets in advance.
- Management Committee on 11 December 2013