Procedure for Removing a Tangible Capital Asset from University Premises
Approval Date: 2017-05-11
Effective Date: 2017-06-01
Responsible Unit: Department of Financial and Administrative Services
1. This procedure applies in cases where a Tangible Capital Asset, other than a Surplus Asset, is being removed from University Premises, except those Tangible Capital Assets whose assigned location is off University premises. Such removals must be authorized as follows:
a. If the Tangible Capital Asset is to be removed for ninety (90) or fewer days, the request must be approved by the Unit Head. This approval cannot be delegated.
b. If the Tangible Capital Asset is to be removed for more than 90 days the individual must attach a written submission outlining the rationale for the extended use off University Premises. The request must be approved by the Unit Head. This approval cannot be delegated.
2. The Asset Administrator is responsible for tracking those Tangible Capital Assets removed from University Premises and for following up to ensure they are returned, at expiry of the period of approval.
3. A Tangible Capital Asset removed from University premises is under the care and control of the person using it. The University’s insurance policies and procedures apply when the Tangible Capital Asset is used in University-related activities.
4. Loss of or damage to a Tangible Capital Asset removed from University premises, must be reported to the Unit Head. Units are responsible for all replacement and/or repair costs that do not exceed the deductible under the University’s insurance policies. For suspected theft or loss of a Tangible Capital Asset containing University information, see also the Procedure for Reporting Suspected Security Incidents.
5. If the removal is to be extended beyond the period of approval, the individual must request a renewal of the authorization.
6. In cases where the Tangible Capital Asset is being used outside of Canada or the United States, the University’s insurance policies may not apply. Consult with the Office of the Chief Risk Officer.
7.The Authorization for Removing a Tangible Capital Asset from University Premises form must completed.