It is important to note that asset accounting activities are statutory requirements and therefore the University is bound by law to keep a record of its fixed assets (movable and immovable).
Fixed assets are land, buildings, machines, office equipment and furniture, etc. held for the purpose of production of goods or rendering of services and are not held for the purpose of sale in the ordinary course of business.
This record, the Asset Register, includes all movable SU assets that are paid for by SU, regardless of the source of funding, and donated to SU.
The SU asset register is maintained by the Faculties/Departments, but is managed centrally by the Division Asset Management. The asset register provides detail with regards to asset description, ownership, funding, location, replacement value as well as financial information, e.g. depreciation. The asset register also allows the SU to keep track of assets.
At SU assets are defined as having all of the following characteristics:
- An acquisition cost of R2,000 or more
- A useful life of more than one year
- Is a stand-alone, moveable item
Donated assets (In kind donation) must be declared at the Department Development and Alumni Relations, with the following supporting documentation:
- Written confirmation from the donor that the item/article is a donation
- Value of such donation (cost price minus VAT; please attached the invoice)
- Donor's information for issue of the S18A
- A statement by the receiving Department that the above-mentioned donation was received
Once the donation has been registered and if the value of the donated item exceeds R2,000, the Department Development and Alumni Relations will forward all relevant information to Department Asset Management to create the asset on the SU asset register. Asset Management will contact the receiving Department to obtain the asset register information, e.g. OU-code, building, room number (location of the asset).