Fixed Assets

Fixed Assets include Land, Buildings, Plant & Machinery, but for most people the assets that are of concern are the equipment they use and their PC or laptop. The Institute maintains a Fixed Asset Register of all its assets and the barcode on your laptop is one of the ways that we easily keep track of where items are.  Every year, an external auditor checks a sample of our register and on a rolling basis each month, the Capital Assets Office, technical and other staff in Departments, Schools, Offices and Centres reconcile the register of assets they have purchased to where they are physically located.

To keep the register up to date, we add assets as we purchase or acquire them and dispose of assets when they are no longer of use.  In some instances, postgraduate students or retiring staff seek to retain their PC or laptop and the Institute facilitates the disposal of that asset to the person at no cost provided it has been fully depreciated or if it has not fully depreciated that the difference is paid for the equipment.  The Capital Assets Office also organises for the physical disposal of old or obsolete equipment periodically throughout the year.  More information on disposals is available here

Staff and students are often required to take equipment/laptops with them off premises.  In that case to ensure the items are properly tracked and insured, a Loan of Equipment process is in place.  This records for example that your laptop is normally located in your office, but it is registered on loan as well.  More information on the Loan process is available here

 

For queries on Fixed Assets please contact Sharon Coffey, sharon.coffey@cit.ie 

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