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Assets
The
University maintains a perpetual inventory of all capital
and fixed assets, movable equipments and materials.
Asset management and control are done using the Banner
system. The inventory must be kept current and available
records updated for annual and periodic checks for the
Assets Controller, Internal Auditor and other designated
officials.
Asset Definition:
The University has defined its moveable assets into
two categories - Capital and Fixed assets. Capital
assets are any item or material which has in individual
price of 3,000 Dirhams and above. Fixed assets are items
valued below 3,000 Dirhams, but have an expected service
life exceeding 3 years.
Disposal:
It is the policy of the University to dispose of excess,
unwanted, obsolete items in a manner that will maximize
the return or benefit. The process is dictated as per
the Procedures and Policies of the University. Items
for disposal are announced, with preference given to
internal sale prior to conduct of outside bids.
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