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Guide to Fixed Assets in UL

Staff   |  Email:  Fixed Assets

“All University staff must take responsibility for protecting the fixed assets in their custody and ensure that the assets are used for authorised purposes”
The university is required by the Comptroller and Auditor General to maintain an Asset Register of all fixed assets including buildings, office furniture, office/laboratory/teaching/research equipment, computer equipment and all other equipment costing over €1,000 and to physically account for the existence of these assets.

All Fixed Asset forms are available under the Quicklinks menu Finance Forms on the right hand side of this page.


At Departmental and School level, each Head of Department, School, Research Centre is responsible and act as custodians on behalf of the University for ensuring that a Fixed Asset Register is owned and maintained.

Head of Departments, Schools and Research Centres should:

  • ensure that all necessary action is taken to protect the Fixed Assets in their custody.
  • complete an Asset Disposal/Transfer form for all fixed assets leaving UL and forward to Finance Department - Fixed Assets Section.
  • notify the Finance Department of all assets registered to or located in their areas which they intend to dispose of, or grant access to.
  • ensure that the process for sale or disposal/granting access to, (including all measures necessary to adequately decommission an asset prior to disposal) complies with the Fixed Asset policy.

The principal methods of disposal are follows:

a) Outright sale

b) Auction by a contracted auctioneer

c) Scrap - to a licensed dealer

d) Recycle - to an authorised agency

e) Trade in - to supplier against replacement items

f) Donation to registered charities or community organisations

For each proposed Disposal of Asset transaction a disposal of asset form has to be completed. A copy of this form should be forwarded to the Finance Department with the original being retained by the relevant Head of Department / Budget Holder.

All forms are available on the right hand side of this screen under Finance Forms.

For each proposed Sale of Asset an approved request form needs to be completed in advance of any agreement to sell.

A copy of this completed form should be forwarded to the Finance Department with the original being retained by the relevant Head of Department / Budget Holder.

Sale or Transfer of Assets Disclaimer:

On receipt of an approved request form for a sale of asset including disclaimer form needs to be completed for each approved Sale/Transfer of Asset transaction.

A copy of this completed form should be forwarded to the Finance Department with the original being retained by the relevant Head of Department / Budget Holder. Where there is a contract between the University and the purchaser the disclaimer should be incorporated into the contract.

Form is available under the Finance Forms menu on right hand side of this screen.

Where an asset is relocated within the University or the rights and obligations of ownership are reallocated from one department to another within the University it will be necessary for the relevant Head of Department / Budget Holder to inform the Fixed Asset section in the Finance Department in writing (or by email) of this change of location and/or ownership.

The HOD or budget holder should confirm that the list of Assets held in respect of their department is complete by confirming that:-

  • the listed assets can be physically accounted for and are located in the relevant department
  • equipment serial numbers have been provided where applicable
  • Items not already tagged with the appropriate asset register number have been identified and asset register number tags have been requested
  • all listed assets and equipment held by their department has been physically inspected by a representative from the Finance Department
  • details of assets listed on the register that have been sold, scrapped, or transferred to another department or location in the University have been supplied