61. Safeguarding assets

61.1. College Deans/Directors of Services are responsible for the care, custody and security of the buildings, stock, stores, furniture, cash, etc under their control. They will consult the Director of Finance in any case where security is thought to be defective or where it is considered that special security arrangements may be needed.

61.2. College Deans/Directors of Services are responsible for establishing adequate arrangements for the custody and control of all other assets owned by the University, whether tangible or intangible (such as intellectual property), including electronic data.

61.3. Assets owned by the University shall, so far as is practical, be effectively marked to identify them as University property.

61.4. College Deans/Directors of Services are responsible for maintaining inventories, in a form prescribed by the Director of Finance, for all plant, equipment, furniture and stores in their departments with a cost in excess of £500. The inventory must include items donated or held on trust.

61.5. Inventories must be checked at least annually as described in the University’s operational financial procedures.

61.6. When transferring equipment, etc between departments, a transfer record must be kept and the inventories amended accordingly.