Policy on Property, Plant and Equipment Management
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1 Policy on Property, Plant and Equipment Management Status: Approved Custodian: Director: Finance and Administration Date approved: Decision number: SAQA 0893/11 Implementation date: Due for review: File Number: 1
2 1. Mega Process: Financial management 2. Major Process: Property, Plant and Equipment management 2.1 Introduction The purpose of this policy is to ensure adequate control and appropriate use of property, plant and equipment, and to set guidelines for identifying, recording and controlling the property, plant and equipment of SAQA. 2.2 Objective To ensure that the property, plant and equipment in each Directorate is properly: Acquired; Disposed of; Maintained; Recorded; Controlled; Safeguarded; Managed; and Budgeted To ensure that the property, plant and equipment is fully and economically utilised; and To ensure effective communication between the various Directorates and the Finance Department; 2
3 2.3 Responsibility The Director: Finance and Administration is responsible for ensuring that proper control systems exist for assets and that preventative mechanisms are in place to eliminate theft, losses, wastage and misuse The Director: Finance and Administration must ensure that processes (whether manual or electronic) and procedures are in place for effective, efficient, economical and transparent recording and use of the Board s assets Proper management of assets is delegated to each Directorate, which will be held responsible for the assets allocated to them Each Directorate has to ensure that the main objectives as set out above are achieved. 3. Sub-Processes: 3.1 Capital expenditure / Acquisition of Property, Plant and Equipment All capital expenditure must be appropriately approved by the applicable level of authority as approved by the Board from time to time Refer financial procedure manual on delegated authority. 3.2 Definition of Property, Plant and Equipment Property, plant and equipment is a tangible asset and is depreciated on a monthly basis over its useful life. Useful life is the period of time over which property, plant and equipment is expected to be used Property, plant and equipment includes all movable and immovable property having the following characteristics: 3
4 An acquisition in excess of R2,000; An expected useful life in excess of one year; and An identity which is not altered materially through use This expenditure must be budgeted and purchased against capital expenditure Property, plant and equipment with an acquisition value of less than R2,000 are expensed These items must be controlled by way of a register. 3.3 Capitalisation of assets Assets will be capitalised if the capitalisation criteria of the Standard of Generally Recognised Accounting Practice (GRAP) 17 are met. Assets will be written off in accordance with section 3.9 of this policy In terms of Standard of Generally Recognised Accounting Practice (GRAP) 17, paragraph 11, the cost of an item of property plant and equipment must be recognised if, and only if: It is probable that future economic benefits or service potential associated with the item will flow to the Authority; and The cost or fair value of the item can be measured reliably Purchases not meeting the capitalisation criteria will be expensed in the period in which they were acquired and will only be included in the Property, Plant and Equipment Asset Register for control purposes. (Refer 3.2 above). 4
5 3.4 Property, Plant and Equipment Asset Register A Property, Plant and Equipment Asset Register must be maintained by the Finance Department at all times Details of the disclosure requirements in terms of GRAP 17 are included in the procedures manual. 3.5 Physical count of Property, Plant and Equipment The physical inventory of all property, plant and equipment shall be conducted at least once a year and the register must agree to the physical assets on hand The Administration Department is responsible for the physical count of property, plant and equipment It is a requirement that all assets are properly tagged and numbered to facilitate the physical control over the assets. 3.6 Safe custody of assets Removal of assets ( Use of SAQA equipment) No person is allowed to remove any of SAQA assets from the premises without written permission from the Director: Finance and Administration - with the exception of assets allocated formally to an individual to be used in performing their normal duties on a semipermanent basis All assets for which SAQA is registered as title holder will remain the property of SAQA under all circumstances even whilst in possession of individuals. No person has the right to dispose of any of SAQA assets whilst in his/ her possession. 5
6 3.6.2 Personal liability Responsibility for loss, damage and insurance excess shall rest with the primary custodian (user) In cases where an asset was stolen, a declaration must immediately be made at the nearest police station and a case number must be obtained for insurance purposes The member of staff who signed for the removal of the asset will remain responsible for the safe custody and return of the asset and will be held personally liable in the event of non- return of the asset Although SAQA might be insured against the loss of specific assets, the member of staff removing or losing the asset may be required to make good the total value of any asset lost or damaged, if SAQA at its sole discretion establishes that such damage has been occasioned through the negligence of the member of staff concerned. 3.7 Repairs and maintenance No purchase may be made if there is an asset of the same nature and function available which only needs repairs i.e. an asset will only be bought if there is no asset available which would, once repaired, make the addition unnecessary The preferred supplier list must be used in case of repairs and maintenance required The costs are to be capitalised when: The repair or maintenance increases the capacity or efficiency of the base asset; The nature of the expense qualifies; and 6
7 The base asset has a remaining useful life of one year or more from the date of the service. 3.8 Asset disposal Methods of asset disposals include but are not limited to scrapping, sale, donation or theft. The reason for disposal of any asset must be documented prior to the disposal, where possible. 3.9 Depreciation All property, plant and equipment must initially be recorded at cost Subsequently, property, plant and equipment must be recorded at cost less accumulated depreciation and accumulative impairment losses Depreciation on property, plant and equipment is written off using the straight line method over the estimated useful life of the assets Refer to financial procedures manual on delegated authority for the applicable depreciation rates Impairment The carrying amount of the assets must be reviewed at each balance sheet date to determine whether there is any indication of impairment Where there is any indication that an asset may be impaired, its recoverable amount must be estimated The recoverable amount is the higher of its net selling price and its value in use An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. 7
8 A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a change in estimates used to determine the recoverable amount, but to an amount no higher than the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior years. 8
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