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Definitions

Asset Administrator — This role is normally carried out by the employee in the Unit who has responsibility for financial matters. This role is responsible for ensuring measures are in place within the Unit for safeguarding Tangible Assets, for reviewing, maintaining and updating the Unit's Tangible Capital Asset property report and corresponding with FAS to ensure necessary updates are made to Tangible Capital Asset records. This is a functional description, not a position title.

Associate — A person: who is related to a University employee by blood or adoption, or is or has been related to the employee by marriage or common-law marriage; or with whom a University employee has or has had in the previous five years a financial, intimate, other close or substantial professional relationship.

Campus Facilities Management — Refers to the unit(s) at each campus responsible for management of facilities and capital work.

Capital Lease — A lease arrangement where in accordance with generally accepted accounting principles (GAAP), the leased asset must be recorded as a Tangible Capital Asset.

Electronic Device — Any device that is powered and is used to access, process or store University data including any information technology storage media run by, or attaching to, a device.

FAS — Department of Financial and Administrative Services.

Financial Management System — The software solution and methodology that the University uses to record, manage and report on its income, expenses, and Tangible Assets.

Permanent Tag — A permanent Tangible Capital Asset number created by FAS. This number is assigned to each Tangible Capital Asset and is printed on a tag that must be attached to the Tangible Asset, where it can be easily seen. Only one tag is issued for the Tangible Capital Asset, regardless of the number of components it may have.

PO — Purchase Order.

Surplus Asset — A Tangible Asset that has reached its optimal benefit for reasons such as wear, obsolescence, or changes in technology, teaching methods or Unit requirements.

Tangible Asset — Anything owned by the University that has a monetary value and includes Items such as buildings, property, furniture, equipment, computers, electronic devices, machinery, instruments. For purposes of this policy, financial assets, supplies and inventory, artwork, library holdings, and archival collections are excluded. For administration of artwork, see the University's policy and procedures.

Tangible Capital Asset — Those Tangible Assets which are of a continuing or long-term use in the conduct of the University's operations and which must be recorded in the University's financial records as capital to meet financial reporting requirements and for insurance purposes. See .

Tangible Capital Asset Inventory Listing — A listing of items recorded as Tangible Capital Assets by the University.

Tangible Capital Asset Threshold — The dollar value at which a Tangible Asset is deemed to be a Tangible Capital Asset. See Schedule of .

Unit — Academic or administrative unit as defined in the University Calendar.

Unit Head — Deans, Department Heads, Division Heads, Heads of Schools, Directors, Executive Directors, University Librarian, University Registrar and other senior administrators at a comparable level; Associate Vice-Presidents and Vice-Presidents, as applicable.

University — ÌÇÐÄÊÓƵ University of Newfoundland.

University Premises — Any building or property that the University owns, leases or occupies for its operations.

Procedures: