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Special Committees - Managing assets

Managing assets

As part of its financial records, a committee must maintain an asset register with details of all assets at the facility, including buildings. Assets include items required for operation of the facility, such as appliances, and items that improve the useability of the facility, such as chairs and tables. An Asset Register template is available on the Templates page.

The register should contain:
• A description of each asset;
• The date it was bought or donated, and;
• An estimate of its value.

The committee may purchase assets for the facility under the $500 financial limit without Council approval, but must include the asset in the Annual Return.

Any asset purchased with committee funds becomes a Council asset.

Disposing of assets

All committee assets remain the property of Council; this includes property and assets that have been donated to the committee. Under the Instrument of Delegation the committee is required to seek Council’s permission prior to disposing of Council property and adhere to Council’s process for disposing of assets.

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