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Elements and Performance Criteria

1. Develop and implement policies and procedures for management of assets
   • Work with other board members and staff to develop policies and procedures for managing assets that comply with legal and contractual requirements
   • Follow policies and administrative procedures for purchase, use, storage, maintenance and disposal of assets
2. Ensure asset records are established
   • Ensure responsibility for establishing an asset register of organisation’s movable assets, and recording and storage of asset documents is delegated by the board to an appropriate person or persons
   • Ensure the register has been established and appropriate asset documents are stored securely
3. Ensure assets and records are maintained
   • Receive and review reports on assets to ensure they are up-to-date and complete
   • Ensure appropriate procedures are in place and followed to undertake asset repairs
   • Ensure appropriate procedures are in place and followed to report and document asset damage, loss or theft
   • Develop an action plan to follow up asset management issues that arise
   • Ensure asset records comply with funding providers’ requirements
4. Ensure insurance cover is in place
   • Ensure appropriate procedures are in place and followed to arrange and maintain insurance following asset acquisition
   • Identify authorised signatories for claims for damage, loss or theft
   • Ensure claims are submitted in a timely manner and include required evidence of loss
5. Oversee annual internal audit of assets
   • Ensure items recorded in asset register are checked annually
   • Ensure asset register is updated with current information following the internal audit
   • Investigate discrepancies found in the asset register
   • Propose changes to policies and procedures if required
6. Oversee acquisition and disposal of assets
   • Approve acquisitions and disposal of assets in line with existing plans and budgets
   • Ensure funding body requirements regarding asset acquisition and disposal are met