INTERNATIONAL ISLAMIC UNIVERSITY

MALAYSIA

POLICY OF IIUM

ASSET MANAGEMENT

INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA (IIUM)

SUMMARY OF POLICY OF IIUM ASSET MANAGEMENT

CONTENT

Title Page

POLICY 1 IIUM ASSET MANAGEMENT This policy is set forth the guidelines for the physical

and reporting control of university’s assets, including

accountability over the assets, meeting financial

reporting needs, and generating asset management

information.

1

POLICY 2 ROLES & RESPONSIBILITY IN IIUM

ASSET MANAGEMENT Explain the major responsibilities each party has in

connection with the Assets Policy & Procedures as

follows :

(a) The Finance Division

(b) The Executive Director of Finance Division

(c) The Officer In charge of Assets at Finance

Division

(d) Purchasing/Accounts Payable

(e) All Department Heads

6

POLICY 3 ASSET ACQUISITION This policy is to :

(a) Ensure that each asset acquired conforms

to the prescribed specifications;

(b) Determine the actual quality and quantity

as ordered;

(c) Ensure asset received is in good condition

and safe for use.

10

Title Page

POLICY 4 ASSET REGISTRATION Registration of asset is for the purpose of:-

(a) Creation of a complete, precise and updated

database;

(b) Facilitate identification and inspection;

(c) Assess the conditions of the asset;

(d) Facilitate maintenance, disposal and asset

replacement.

POLICY 5 ASSET USAGE, STORAGE AND

INSPECTION All IIUM assets shall be used and handled with care

and in most efficient manner in order to efficiently,

skilfully and organized for:-

(a) Minimize wastage;

(b) Save costs;

(c) Optimize asset life-cycle fully;

(d) Prevent misuse and mismanagement;

(e) Avoid losses.

30

POLICY 6 ASSET MAINTENANCE The purpose of Asset Maintenance is to:-

(a) Ensure asset continues to function smoothly and

safe to use;

(b) Preserve and prolong life;

(c) Increase capacity;

(d) Minimize damages;

(e) Save IIUM’s expenditures;

(f) Guarantee user’s safety;

(g) Create conducive and productive work

environment; and

(h) Preserve IIUM’s image.

36

Title Page

POLICY 7 ASSET DISPOSAL The purpose of disposal of IIUM asset are:-

(a) To ensure KCDIO do not retain asset which is

unusable or not required;

(b) Save office space/ storage space;

(c) Gain the best revenue; and

(d) Enable asset owned by KCDIO be transferred to

other KCDIO for specific reasons.

40

POLICY 8 ASSET LOSSES AND WRITE-OFF Write-off of IIUM asset is for the purpose of:-

a) Control losses borne by IIUM due to lost asset;

b) Reconcile asset’s record;

c) Increase awareness and responsibility towards

the importance of IIUM asset safety; and

d) Enable surcharge and discipline actions be

charged due to officers’ negligence.

68

SCHEDULE 1 REGISTRATION FLOW CHART OF IIUM

ASSET

17

SCHEDULE 2 REGISTRATION WORK PROCESS OF

IIUM ASSET

18

SCHEDULE 3 FLOW CHART OF IIUM ASSET DISPOSAL 47

SCHEDULE 4 IIUM ASSET DISPOSAL WORK PROCESS 48

SCHEDULE 5 FLOW CHART OF ASSET’S WRITE-OFF 71

SCHEDULE 6 PROCESS OF IIUM ASSET WRITE-OFF 72

IIUM.AM-1 IIUM ASSET ACCEPTANCE REPORT

FORM

12

IIUM.AM-3 INVENTORY REGISTER 23

IIUM.AM-4 LIST OF REGISTERED ASSET 25

IIUM.AM-5 LIST OF REGISTERED INVENTORY 26

IIUM.AM-6 ASSET MOVEMENT REGISTER 27

IIUM.AM-7 ASSET LIST 28

IIUM.AM-8 ANNUAL REPORT OF ASSET AND

INVENTORY

29

IIUM.AM-9 ASSET DAMAGES/COMPLAINT FORM 32

IIUM.AM-10 ASSET CHECKING REPORT 33

IIUM.AM-11 INVENTORY CHECKING REPORT 34

Title Page

IIUM.AM-12 ANNUAL INSPECTION OF ASSET AND

INVENTORY CERTIFICATE

35

IIUM.AM-13 LIST OF IIUM ASSETS REQUIRING

MAINTENANCE

38

IIUM.AM-14 ASSET MAINTENANCE REGISTER 39

IIUM.AM-15 INSPECTION BOARD MEMBERS

APPOINTMENT LETTER

49

IIUM.AM-16 DISPOSAL CERTIFICATE OF IIUM ASSET 50

IIUM.AM-17 IIUM ASSET INSPECTION BOARD REPORT 51

IIUM.AM-18 CERTIFICATE OF IIUM ASSET

DESTRUCTION WITNESS

52

IIUM.AM-19 CERTIFICATE OF DISPOSED ASSET OF

IIUM

53

IIUM.AM-20 IIUM ASSET ANNUAL DISPOSAL REPORT 54

IIUM.AM-21 STATEMENT OF IIUM ASSET DISPOSAL

TENDER OFFER

55-56

IIUM.AM-22 IIUM ASSET DISPOSAL TENDER FORM 57-58

IIUM.AM-23 DISPOSAL TENDER OF IIUM ASSET

SCHEDULE

59

IIUM.AM-24 OFFER STATEMENT OF IIUM ASSET

DISPOSAL QUOTATION

60-61

IIUM.AM-25 DISPOSAL OF IIUM ASSET QUOTATION

FORM

62-63

IIUM.AM-26 QUOTATION SCHEDULE OF IIUM ASSET

DISPOSAL

64

IIUM.AM-27 IIUM ASSET AUCTION SALE STATEMENT 65-66

IIUM.AM-27

(A)

LIST OF AUCTIONED ASSETS

67

IIUM.AM-28 PRELIMINARY REPORT OF IIUM ASSET

LOSS

73

IIUM.AM-29 APPOINTMENT OF INVESTIGATION

COMMITTEE OF IIUM ASSET LOSS

74

IIUM.AM-30 FINAL REPORT OF IIUM ASSET LOSS 75-76

68

Document No: Policy No: 8

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET LOSSES AND

2015 WRITE-OFF

1.0 OBJECTIVE

Write-off of IIUM asset is for the purpose of:-

a) Control losses borne by IIUM due to lost asset;

b) Reconcile asset’s record;

c) Increase awareness and responsibility towards the importance of IIUM asset safety;

and

d) Enable surcharge and discipline actions be charged due to officers’ negligence.

2.0 POLICY STATEMENT

1. AUTHORITY TO APPROVE WRITE-OFF

- Head of User Department and Purchasing Manager Less than RM10, 000

- Executive Director of Finance RM10, 001 – RM100, 000

- Rector RM100, 001 – RM500, 000

- Standing Finance Committee above RM500, 000

2. SECRETARIAT OF LOSSES AND WRITE-OFF

2.1 Asset Management Unit in Finance Division IIUM is responsible as

Secretariat for Losses and Write-off.

2.2 Duties of Secretariat for Losses and Write-off are as follows:-

a) Obtain information regarding loss of asset through Asset Register;

b) Obtain Preliminary Report from Head of Department;

c) Submit Preliminary Report and a copy of Police Report to ED, Finance

Director;

d) Appoint appointment of an Investigation Committee;

e) Obtain police investigation results;

f) Obtain Final Report IIUM.AM-30 from Investigation Committee;

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g) Submit Final Report to get reviews and recommendations from ED,

Finance;

h) Check and ensure document for complete and organized application of

write-off;

i) Submit write-off application to Approving Authority within the period

of four (4) months from the date of Preliminary Report submitted even

though police investigation report is not yet obtained;

j) Inform result to Head of Department for asset register record updates;

k) Inform surcharge and discipline recommendations to Office Of Legal

Advisor for further actions;

3. WRITE-OFF PROCESS

3.1 Report Losses

When there is any losses of IIUM, asset of the IIUM had lost, these

following actions must be followed:-

(a) Head of Department must be informed of the asset loss immediately;

and

(b) Police report is to be lodged in within the period of twenty four hours

(24) from time of loss is known.

3.2 Preliminary Report IIUM.AM-28

(a) Head of Department shall provide Preliminary Report. In cases of loss

asset involving a Head of Department, Preliminary Report shall be

provided by another higher officer at the central office.

3.3 Investigation Committee

(a) Investigation Committee shall be appointed in writing by ED, Finance

Division by using IIUM.AM-29 immediately within the period of two

(2) weeks from the date the Preliminary Report is signed.

(b) Investigation Committee Membership consist of:-

(i) Officer who is not involve in the loss of asset and not in the

same unit/division;

(ii) Higher rank officer from the involved officer; and

(iii)At least two (2) members where the more senior officer will be

appointed as Chairman.

3.4 Duties and responsibilities of Investigation Officer:-

(a) Perform immediate investigation after appointment;

(b) Check the loss site himself;

(c) Review Police Report made regarding the loss;

(d) Check records about the loss asset;

70

(e) Ensure either Procedure of IIUM Mobile Asset Management and

IIUM’s Safety Orders are observed;

(f) Determine the weaknesses that existed;

(g) Recommend safety features to avoid incurrence of such loss; and

(h) Provide and sign Final Report.

3.5 Final Report IIUM.AM-30

(a) Investigation Committee is responsible to provide Final Report and

submit it to Secretariat for Loss and Write-Off within the period of two

(2) months from the appointment date. Written statement from

involved officer can be attached to Final Report, if any.

(b) Secretariat for Loss and Write-Off to submit Final Report for

recommendation and review of ED, Finance.

(c) Final Report shall be attached with supporting documents like copy of

Asset Register, copy of Asset Movement Register, photos (if needed)

and related documents to Finance Division.

(d) Final Report need to be submitted according to prescribed period even

though Police Investigation Report had not yet obtained.

(e) ED, Finance after being satisfied with the investigation outcome in

Final Report is responsible to:-

(i) Recommend writing-off loss asset with surcharge or discipline

actions or both; or

(ii) Recommend writing-off loss asset without surcharge or

discipline; and

(iii)Sign, himself, the recommendation and review.

(f) If the ED, Finance is not satisfied with the outcome of the

investigation in Final Report, then ED, Finance can order for re-

investigation. For this purpose, ED, Finance can:-

(i) Order re-investigation by provided Investigation Committee; or

(ii) Appoint new Investigation Committee for re-investigation.

(g) Complete Final Report with recommendations and reviews shall be

submitted for consideration and approval of Approving Authority

within four (4) months from the date of Final Report is submitted.

4. FLOW CHART AND WORK PROCESS OF WRITE-OFF

Flow chart and work process of write-off is as in Schedule 5 and Schedule 6.

71

SCHEDULE 5

FLOW CHART OF ASSET’S WRITE-OFF

1

2

3

4

5

6

7

9

10

11

12

13

14

16

15a

11a

8a

Completed?

Satisfied?

Approved?

Returned to ED,

Finance for further

details

No

No

Report loss immediately to Head of

Department

Report immediately to police

within 24 hours

Head of Department shall provide

Preliminary report IIUM.AM-27 and

submit to ED, Finance and Finance Div.

ED, Finance appoint Investigation

Committee IIUM.AM-28

Investigation Committee perform

investigation

Investigation Committee provide Final Report

IIUM.AM-29 and submit to Secretariat

Secretariat check Final Report

Secretariat submit Final Report to ED,

Finance for recommendations and reviews

ED, Finance check Final Report

a) Give recommendations and

review in Final Report

b) Approve Write-off if under its

jurisdiction

Submit Final report to Finance Division

Finance Division consider and decide

Asset Register to be updated.

Return to Investigation

Committee

Return to Secretariat for

reinvestigation

Yes

Yes

Yes

8

15

72

SCHEDULE 6

PROCESS OF IIUM ASSET WRITE-OFF

Steps Work Process

1 Officer report loss immediately to Head of Department

2 Head of Department/Officer involved report the loss immediately to police within the

period of 24 hours from the time of loss

3 Head of Department shall provide Preliminary Report IIUM.AM-28 within 2 working

days from the date of loss and submit to ED, Finance and Finance Division with the

copy of Police Report

4 ED, Finance appoint Investigation Committee by using format IIUM.AM-29

5 Investigation Committee perform investigation

6 Investigation Committee provide and submit Final Report IIUM.AM-30 to Secretariat

within two (2) months from the appoint date

7 Secretariat check Final Report

8 If Final Report completed, move to 9th process

8a Incomplete report shall be returned to Secretariat for reinvestigation

9 Submit Final Report to ED, Finance to get recommendations and reviews

10 ED, Finance check Final Report

11 After being satisfied with the results, move straight to 12th process

11a If not satisfied, return to Secretariat for reinvestigation

12 ED, Finance shall:-

a) Give recommendations and reviews; and

b) Approve write-off if:-

(i) Head of Department and Asset Unit up to RM10, 000.

(ii) Executive Director of Finance RM10,001 to RM100,000.

(iii) Rector RM100, 001 to RM500, 000.

(iv) Standing Finance Committee to above RM500, 001.

73

IIUM.AM-28

PRELIMINARY REPORT OF IIUM ASSET LOSS

State:-

1. Explanation on loss of asset.

a) Type of asset

b) Brand and Model

c) Quantity

d) Acquisition Date

e) Original Cost

2. Place where loss occurred.

3. Date of loss or known to be lost.

4. How loss occurred.

5. Name and position of last officer who store/use the loss asset.

6. Is there an officer thought to be prima facie responsible for the loss. If

yes, name and his position.

7. Whether the officer had been suspended from work.

8. Reference number and Police Report Date.

9. Current measure in avoiding the loss from happening.

10. Steps immediately taken to prevent the repetition of the incident.

Signature of Head of Department

Name :

Position :

Date :

Department Stamp :

74

IIUM.AM-29

File Reference Number:

Date:

To:

(Name and Position of Officer appointed)

APPOINTMENT OF INVESTIGATION COMMITTEE OF IIUM ASSET

LOSS

I, hereby appoint sir/madam as Chairman/Member of Investigation Committee

to investigate the loss of (name of the asset) at

(K/C/D/I/O) starting from the date of this letter.

(Reference Number of Preliminary Report )

2. Sir/Madam is authorized to perform an investigation to get information

about the loss from any involved officer. Together attached here a Preliminary

Report and List of Investigation Committee Duties as guidelines.

3. Investigation Report shall be using Final Report (IIUM.AM-30) as

attached. This report shall be returned before (date).

Signature :

Name :

75

IIUM.AM-30

FINAL REPORT OF IIUM ASSET LOSS

1. Explanation on loss of asset.

a) Type of asset

b) Brand and Model

c) Quantity

d) Acquisition Date

e) Original Cost

f) Estimate Current Value

2. Details on Asset Loss

a) Known date

b) Actual date occurred

c) Location of Loss

d) How loss is known

e) How loss occurred

3. Whether Police Investigation Report had been received. If do, attach it.

4. (a) Name of Officer who:

(i) Directly takes care of the asset.

(ii) Responsible as supervisor

(iii) Responsible on the loss

(b) For every officer above, state:-

(i) Job position during loss

(ii) Duties (state list of duties)

(iii) Job position status (either permanent/

in trial/ temporary/contract)

(iv) Is officer involved being suspended? If so, state the

date of punishment.

(v) Date of retirement or termination

(vi) Any prior offence and its punishment. (if any, provide

simple details and its reference)

(vii) Other information, if any.

76

5. State if Procedure of IIUM Mobile Asset Management, IIUM Safety

Orders or other orders including precautions which are not been observed

or adhered to. If do, state regulations or the order.

6. What are the steps taken to prevent the repetition of the incident.

7. Investigation summary.

8. State if surcharge/discipline should be charged or not by giving

justifications.

Signature : (Chairman)

Name :

Position :

Date :

Signature : (Member)

Name :

Position :

Date :

Signature : (Member)

Name :

Position :

Date :

1

Document No: Policy No: 1

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: IIUM ASSET MANAGEMENT

2015

1.0 POLICY STATEMENT

This policy is set forth the guidelines for the physical and reporting control of university’s assets,

including accountability over the assets, meeting financial reporting needs, and generating asset

management information.

2.0 DEFINITIONS

1. Asset means property belongs or possessed or under the control of the IIUM acquired

through purchase or hire purchase agreement with the IIUM’s money, received through

Government grants donations or gifts or any other grants.

2. Current Asset such as cash, inventory and accounts receivable.

3. Non-current Asset

a. Tangible assets (possible to touch) - Non Mobile Asset/Mobile Asset are defined

to be all tangible property such as land, buildings, computer software and

systems, landmarks, infrastructure and equipment, etc., with a useful life of more

than one year.

b. Intangible assets (cannot be perceived by senses) - such as goodwill, patents and

intellectual property.

4. Non-Mobile Asset means fixed and non-transferable asset such as building, infrastructure

and land.

5. Mobile Asset means transferable asset includes supplied asset or asset which is attached to

buildings.

6. In IIUM context, Mobile asset is divided into two (2) :-

a. Asset

Mobile asset which its original cost is RM3, 000(Three Thousand

Ringgit Malaysia) and above each.

2

b. Inventory

Mobile asset is a low cost asset which the original cost is more than

RM 500 (Five Hundred Ringgit Malaysia) but less than RM3, 000

(Three Thousand Ringgit Malaysia) each.

7. Asset consist of prescribed categories as follows:-

a. Asset category :-

Land, Building, Building Renovation, Infrastructures. ;

Motor Vehicle;

Office Furniture, Office Equipment;

Server, Software, Computer, Audio Visual Equipment;

Books ;

Medical Equipment;

Engineering Tools & Equipment;

Scientific Equipment;

Architectural Tools & Equipment;

Psychological Equipment ;

Kitchen Equipment ; and

Other Fixed Asset.

Terms and words used in Procedure of IIUM Mobile Asset Management would only define the

management of IIUM mobile asset.

CAPITALIZATION POLICY

A capitalized fixed asset is property, such as equipment, buildings and land, with a cost or value

equal to or greater than RM3,000 at the date of acquisition, and an expected useful life of more

than one year. Capitalized fixed assets are acquired for the use in normal operations and are not

for resale. All capitalized fixed assets are entered into the Fixed Assets Module for inventory and

financial reporting purposes.

Assets costing below RM3,000 are expensed in the fiscal year of purchase and are not capitalized

nor maintained through the Non-Current Asset Module.

The only exception allowable is for the capitalization of low cost equipment for the initial

outfitting of an tangible asset or operation unit, or an expansion or renovation to either.

Equipment for this treatment should be budgeted and charged to the capital project as equipment.

Costs incurred to keep a fixed asset in its normal operating condition that do not extend the

original useful life of the asset’s future service potential are not capitalized. These costs are

expensed as repairs or maintenance.

3

CLASSIFICATION OF NON – CURRENT ASSET

Non- Current Asset are items that are:

1) Permanent in nature, tangible durable (economic useful life greater than one year);

2) Held for purposes other than investment or resale; and

3) Have a cost which equals or exceeds certain threshold established by the University.

The types of assets: equipment (both moveable and fixed), land, land improvements,

buildings, building improvements, lease improvements, technology equipment and

infrastructure.

Equipment consists of property that does not lose its identity when removed from its location

and is not changed materially or expended in use. Subclasses in this account include computer

equipment, audio visual equipment, office equipment, athletic equipment, recreational

equipment, lab and research equipment, appliances, medical equipment, food services

equipment, buildings and ground equipment, heavy equipment, musical instruments, furniture

and fixtures.

Moveable Equipment is not permanently affixed to or part of a building. Some

moveable equipment consists of more than one component (e.g., a computer, keyboard,

mouse, and monitor). The assembled components may be considered one item and be

recorded as a single capital asset. Component items that form one working equipment

system are combined for capitalization purpose. The “system” definition applies to

computer configurations, AV equipment and scientific equipment. Addition to equipment

that become either component parts or permanently connected to existing equipment

items are also defined as equipment and should be capitalized, regardless of cost.

Fixed Equipment is permanently affixed to a building but is separate from the building

itself. Examples of fixed equipment are light fixtures, wall to wall carpeting, water

fountains, fire control apparatus, fume hoods, auditorium and fixed classroom seats, and

built-in display cabinets.

Equipment Purchased During New Construction / Renovations – The equipment

must be non-expendable, tangible personal property having an economic useful life of

more than one year. During the normal course of business, these items would be

expensed solely because they did not meet the University’s RM3,000 threshold. The only

exception allowable is for the capitalization of low cost equipment for the initial

outfitting of a tangible capital asset or operational unit, or an expansion or renovations to

either. Equipment for this treatment should be budgeted and charged on the capital

project as moveable equipment. Expenditures for non-capitals items that do not meet

these requirements should be expensed. Moveable equipment capitalized as part of a

major new construction renovation or renovation project shall be recorded in the fixed

4

asset module as one asset for each major moveable equipment class with the appropriate

useful life assigned.

Land is the solid part of the earth’s surface whether improved or unimproved. The land account

should include all land purchased, leased, donated, or otherwise acquired by the University.

Purchased land should be carried on the records at cost. Donated land should be recorded at the

appraised market value of the land at the time of its donation.

Land Improvements include excavation, fill and grading, removal, relocation, or reconstruction

of property of others such as railroads, and telephone and power lines, and the construction of

retaining walls.

Buildings are roofed structures used for the permanent or temporary shelter of persons, animals,

plants or equipment. The buildings account includes the value of all buildings at purchase price

or construction cost by campus location. When buildings are constructed, all identifiable direct

costs are included in the valuation. Direct costs include labor, material, and professional services

to construct the building, together with insurance, interest and other costs incurred during the

period of construction to ready the building for its intended use.

Building Improvements are improvements made to existing buildings. Any renovation or

alteration to an existing building that adds useful space to the structure or extends the facility’s

useful life will be considered a capital asset. Conversely, improvements that do not add useful

space to the structure, or extend the facility’s useful life will be considered maintenance and

repair.

Leasehold Improvements are improvements to buildings leased to the University are

capitalized if they meet capitalization standards applicable to such improvements on University-

owned property.

Technology Equipment consists of long-lived capital assets that normally are technological in

nature and are the basis of the University’s information/connectivity infrastructure. Technology

equipment includes all hardware, software and cabling associated with University-wide systems.

Special guidelines for the capitalization of software are set forth in SOP 98-1 and are explained

below (see section 06). Software licenses and maintenance fees should not be capitalized.

Infrastructure consists of long-lived capital assets that normally are stationary in nature and

normally can be preserved. Infrastructure assets include roads, bridges, tunnels, drainage

systems, water and sewer systems, dams and lighting systems.

VALUATION OF CAPITALIZED EQUIPMENT

The valuation of equipment, whether purchased or fabricated, is based on unit cost. The total unit

cost is determined by the sum of:

5

1) The cash disbursed (purchase price less applicable discounts plus applicable

transportation and installation charges) for each unit;

2) The net book value of any assets given in exchange; and

3) The present value of liability incurred.

If the equipment is acquired by gift, the valuation is the fair market value at the date of the gift, if

determinable. Otherwise, an appraised value is used. If acquired by loan (usually from a grant or

contract sponsor), the value assigned to the equipment by the sponsor will be used.

GIFTS IN KIND

Gifts of donated capital equipment that meet the RM3,000 threshold and have a useful life

greater than one year should be added to the fixed asset module to ensure an accurate accounting

of all university owned equipment. If a department directly receives a gift in kind they should

inform Asset Liaison Officer immediately. Asset Liaison Officer will provide detailed

information of gifts in kind to the Asset Management Unit upon receipt of the gift or through a

monthly report.

In accordance with Statement of Financial Accounting Standards (SFAS) No.116, Accounting

for Contributions Received and Contributions Made, it is the policy of the University that gifts in

kind of collectables (works of art, historical treasures, and similar assets), with the intention of

being added to collections held for public exhibition, education, or research in furtherance of

public service rather than financial gain, will be entered into the Fixed Asset Module with a

nominal value one ringgit in order to track them.

OTHER CAPITAL ASSETS

Library Books – Library books are capitalized at a nominal amount of one ringgit, per volume.

Constructions-In-Progress (CIP) – CIP is the cost of buildings or other capital projects that are

under construction as of the balance sheet date. CIP represents a temporary capitalization of

labor, materials and equipment of a construction project. When the constructed asset is

substantially complete, costs in the CIP account are classified to one or more of the major asset

categories and corresponding reductions must be made to the CIP account.

6

Document No: Policy No: 2

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ROLES & RESPONSIBILITY

2015 IN IIUM ASSET MANAGEMENT

1.0 POLICY STATEMENT

The major responsibilities each party has in connection with the Assets Policy & Procedures are

as follows:

The Finance Division is responsible for the establishment and maintenance of an adequate fixed

asset accounting system that allows for the proper presentation of assets in financial statement

and the overall safeguarding of fixed assets.

The Executive Director of Finance Division is responsible for ensuring the fixed asset

accounting system is being properly maintained, including the identification of assets, accurate

use of codes, determination of useful lives, reconciliation to the general ledger, and financial

reporting.

The Officer In charge of Assets at Finance Division reports to the Executive Director of

Finance Division and is responsible for:

1. Effective administration and maintenance of the property accountability and control

system (Fixed Asset Module);

2. Providing the Executive Director, Finance Division with the necessary documentation to

review assets invoiced as capital assets for final determination as a Fixed Asset;

3. The proper tagging of all movable equipment;

4. Preparing an annual listing of all movable equipment;

5. Providing department heads with the current records of the property for which they are

responsible;

6. Joint physical inventories taken on an annual basis verifying the existence and condition

of all assets to ensure the accuracy of university accounting records;

7. Updating the fixed assets inventory based on inspection reports and notifying the

Executive Director, Finance regarding any inventory changes;

8. Evaluating loss, damage, destruction, disposal, theft, trade-ins, sale, and/or transfer of

University assets and providing recommendations with regard to the disposition of these

assets;

7

9. Review the posting of depreciation through the Fixed Asset Module on a monthly basis;

10. Reconciliation of the fiscal year additions in the Fixed Asset Module to the general ledger

completed in a timely basis;

Purchasing/Accounts Payable ensures account codes are classified correctly for assets on

purchase requisitions and invoices.

All Department Heads are responsible for;

1. Reading and understanding the Fixed Assets Policy;

2. Maintaining current inventory records for all in-use fixed assets within their assigned

department;

3. Assuring property is given proper care and protection and is used for official purposes

only;

4. Ensuring that University property is used only in the conduct of official University

business;

5. Notifying the Assets Liaison Officer of any changes in the index coding of an asset;

6. Notifying the Asset Liaison Officer whenever fixed assets are transferred/acquired, sold,

donated, found on the IFIS system;

7. Identifying and reporting to the Asset Liaison Officer for along any surplus property

which is useable but not needed in his/her area, or which is beyond economic repair and

therefore to be disposed of;

8. Assisting in taking physical inventories.

ASSET ADMINISTRATOR

1. The University shall ensure the university’s assets management is implemented regularly,

efficiently, and effectively in each KCDIO by implementing the following:-

(i) Create of Asset Management Unit.

(ii) Appointment of:-

Asset Liaison Officer at KCDIOs;

Checks on the assets

A Disposal Committee to execute assets disposal; and

Investigating Committee to investigate assets lost cases.

(iii)Establish Assets Management Committee

(iv) Submit annual report to Finance Division before 31st January the following

year that is:-

Capital Assets and Inventory Reports;

Inspection Report and Inventory of Capital Assets

Assets Transfer Disposal Report; and

Surcharge Action Reports / Discipline

8

(v) Ensure all IIUM’s assets transfer is managed in accordance to the prescribed

procedures.

THE ASSETS MANAGEMENT UNIT

1. The Assets Management Unit is to manage all IIUM’s mobile assets in KCDIOs under its

control which includes:-

A. Asset Acquisition;

B. Registration of asset;

C. Usage, Storage, and Inspection;

D. Maintenance;

E. Disposal; and

F. Losses and write-off.

2. Manage the appointment of Asset Liaison Officer, Inspection Officer and Asset Management

Committee.

3. Secretariat to IIUM’s Assets Management Committee.

4. Manage the disposals of IIUM’s assets transfer.

5. Manage losses and write-off.

6. Surcharge/Discipline Actions.

ASSET MANAGEMENT COMMITTEE (AMC) IN IIUM

1. The Asset Management memberships are as follows:-

Chairman : Rector

Secretary : Executive Director, Finance Division

Member :

1. Director, Development Division

2. Campus Director, Kuantan Campus

3. Dean, CFS

4. Director, OSHA

5. Head, Internal Audit

6. Director, ITD

7. Other appropriate officers

2. AMC meeting agenda are as follows:-

(i) Current Asset Position in IIUM;

(ii) Report on Asset Inspection;

(iii) Disposal Action Report;

(iv) Surcharge/Discipline Action Report; and

(v) Problems related to mobile asset management.

9

3. The job scopes of AMC are to plan, monitor, supervise and observe all aspect of IIUM

mobile asset management.

4. AMC shall be held at least twice a year and the result of the meeting shall be reported to

Jawatankuasa Pengurusan Kewangan dan Akaun(JPKA), Kementerian Kewangan.

ENFORCEMENT

1. This regulation shall be implemented by all KCDIO effective from the date this policy is

approved by Board of Governance (BOG). All Officers shall ensure every KCDIO under its

control managing IIUM mobile asset in accordance to the procedure prescribed in this policy

unless there are other instructions issued by the Finance Division.

10

Document No: Policy No: 3

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET ACQUISITION

2015

1.0 OBJECTIVE

This policy is to

(a) Ensure that each asset acquired conforms to the prescribed specifications;

(b) Determine the actual quality and quantity as ordered;

(c) Ensure asset received is in good condition and safe for use.

2.0 POLICY STATEMENT

“Receiving Officer” is the officer who is given the responsibilities to receive and approve the

acceptance of the asset acquired.

“Authorized Officer” is the officer who is authorized and expert in the specific field.

RECEIVING PROCEDURES

1. Asset received must be examined carefully to ensure it conforms to the specifications.

2. Technical inspection by officer expert on the particular asset shall be done according to

the appropriate method;

3. The following steps should be followed when receiving assets:-

i. Check the details in approved documents to ensure the received assets

are correct;

ii. Assets shall be checked, counted, measured, weighed or tested

immediately before the asset is approved for receipt;

iii. If approval cannot be done immediately, the document shall be recorded

as “Received subject to approval upon being checked, counted,

measured, weighed or tested”;

11

iv. After being checked and examined, asset officer/receiver is responsible

to fill IIUM Asset Acceptance Report Form IIUM.AM-1 for any

damage;

v. IIUM Asset Acceptance Report Form IIUM.AM-1 that had been

approved and signed by the Head of Department shall be sent

immediately to delivery agent or supply company;

vi. Receiving Officer shall ensure that asset received together with

Warranty Letter from supplier who approved the its quality conforms the

specifications in the purchase contract; and

vii. Receiving Officer shall ensure asset received is attached together with

manual and maintenance book, if any.

12

IIUM.AM.-1

IIUM ASSET ACCEPTANCE REPORT FORM (If damages/disputes occurs, shall be filled in 2 copies)

Reference No. :

Supplier Name:

Supplier Address:

Telephone No. :

Fax No. :

No. Item

Code

Asset Name Quantity Unit

Price

Total

(RM)

Notes

Ordered Received

Receiving Officer

Signature:

Name:

Position:

Date:

Head Department

Signature:

Name:

Position:

Date:

13

Document No: Policy No: 4

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET REGISTRATION

2015

1.0 OBJECTIVE

Registration of asset is for the purpose of:-

(a) Creation of a complete, precise and updated database;

(b) Facilitate identification and inspection;

(c) Assess the conditions of the asset;

(d) Facilitate maintenance, disposal and asset replacement.

2.0 POLICY STATEMENT

1. REGISTRATION PERIOD

All assets must be registered within the period of two (2) weeks from the date of

approved receipt.

2. REGISTRATION OF ASSETS RECEIVED AS GIFTS

Asset received as gifts or donation shall be registered.

3. REGISTRATION OF FORFEITED ASSETS

3.1 Forfeited asset such as asset of forfeited from students/ services operators/

contractors shall be registered if the university intends to use it.

4. SOURCE OF INFORMATION

To register asset, such documents are referred to:-

4.1 Purchased assets:-

(a) Purchase Order;

14

(b) Delivery Note;

(c) Invoice;

(d) Contract Document;

(e) Warranty Card;

(f) User’s Manual;

(g) Other related documents.

4.2 Hire-purchased assets:-

(a) Agreement

(b) Other related documents.

4.3 Assets received from other sources:-

(a) Copy of registration if asset is transferred from other

department

(b) Approval letter for assets received as gifts with details of asset,

if any

(c) Copies of approval on the forfeited assets.

4.4 Unregistered asset:-

If there is no information source as in paragraph 4.1, 4.2 and 4.3,

registration shall be based on asset sighting or other related

sources.

5. DOCUMENT REQUIRED FOR REGISTRATION

5.1 To facilitate recording and identification process, these documents are

required:-

(a) Asset Register IIUM.AM-2; and

(b) Inventory Register IIUM.AM-3.

5.2 Registration must be done through the IFIS system and to be verified and

signed by the supervisor.

6. VERIFICATION OF REGISTRATION

Verification for asset registration is done through stamping on the source of

information (document) related as follows:-

“Recorded on ........ (date). Asset Code.......(as per IFIS Asset Code Register)”

7. MOBILE ASSET REGISTRATION

7.1 Registration

(a) All assets must be registered by Asset Liaison Officer at KCDI

via documents IIUM.AM-2 and IIUM.AM-3;

15

(b) A list of Asset Register by using IIUM.AM-4 and list of

Inventory Register IIUM.AM-5 must be prepared;

(c) Copies of IIUM.AM-4 and IIUM.AM-5 must be submitted to

Finance Division annually;

(d) Asset register must be updated when there is:-

(i) Addition/ replacement/ upgrading of asset;

(ii) Asset inspection;

(iii)Disposal; and

(iv) Write-off.

7.2 Asset Labelling

(a) All assets must be labelled to display the sign ‘IIUM logo’.

(b) Each asset shall be marked with Registration Serial Number.

Registration Serial Number will follows the following

sequence:-

(i) Fund type = As per IFIS generated label

(ii) Delivery Reference No.

(iii) Asset No.

Inventory No.

=

=

As per IFIS generated label

7.3 Asset Movement

Asset movement for the purpose of loan or temporary placing shall be

recorded in the Asset/Inventory Movement Directory IIUM.AM-6.

7.4 Registry Storage

(a) IIUM.AM-2 and IIUM.AM-3 shall be stored in a hard covered file

in a locked cabinet;

(b) IIUM.AM-6 shall be stored in a locked cabinet; and

(c) Original Registry stored by Asset Officer and copies stored in

location.

7.5 Assets List in Location

(a) Assets List according to locations shall be provided by Asset

Officer using IIUM.AM-7 in two (2) copies.

(b) One (1) copy of the list shall be stored by Asset Officer while

another copy stored by responsible officer.

16

(c) The list also must be updated from time to time when there are

changes on quantity, location or responsible officer.

8. REGISTRATION WORK PROCESS AND FLOW CHART

Asset registration work process and flow chart of IIUM mobile asset is depictured

in Schedule 1 and Schedule 2.

17

SCHEDULE 1

REGISTRATION FLOW CHART OF IIUM ASSET

Receive asset together with source of information.

Determine asset’s type

Provide Asset Registry (IIUM.AM-2) and Inventory

Registry (IIUM.AM-3)

Update Asset Directory (IIUM.AM-4) and Inventory Directory

(IIUM.AM-5)

Stamp registration approval on source of information.

Label registration serial number on asset

Place asset in location indicated

Update Asset List (IIUM.AM-7) in location

Retention of asset register

1

2

3

4

6

7

8

9

5

18

SCHEDULE 2

REGISTRATION WORK PROCESS OF IIUM ASSET

Steps Work Process

1 Receive asset by KCDIO together with information source:-

(a) Purchased asset:-

(i) Purchase Order

(ii) Delivery Note

(iii) Invoice

(iv) Contract Document

(v) Warranty Card

(vi) User’s Manual

(vii) Other related documents

(b) Hire-Purchased Asset:-

(i) Agreement

(ii) Other related documents

(c) Asset received from other sources:-

(i) Copy of registration if asset is transferred from other

department

(ii) Approval letter for assets received through donation, as gifts.

(iii) Copy of Approval letter on Forfeited Asset

(d) Unregistered Asset:-

(i) Asset sighting information

(ii) Other related source

2 Determine asset’s group according to:-

(a) Asset

(b) Inventory

3 Provide Asset Register IIUM.AM-2 and Inventory Register IIUM.AM-3 by

Asset Liaison Officer.

4 Update Asset Directory IIUM.AM-4 and Inventory Directory IIUM.AM-5.

These directory must be submitted to Finance Division annually.

5 Stamp registration approval on the information source relating to registered

asset.

6 Label registration serial number with the word Property of IIUM on the asset.

7 Place asset in prescribed location

8 Update Assets List (IIUM.AM-7) in location.

9 Retention of Asset Register.

19

IIUM.AM-2

ASSET REGISTER Kulliyyah/Centre/Division:

Institute/Office :

PART A

Asset Code Category Sub Category Type/Brand/Model Product Original Cost Engine type and No. Received Date Cassis No/Maker Serial Purchased Order

No.

Registration No.

(For Vehicles) Warranty Period

COMPONENT/ACCESSORIES:

Supplier Name

and Address:

(Head of Department signature)

Name:

Position:

Date:

Stamp:

PLACEMENT

Location

Date

Officer Name

Signature

DISPOSAL/WRITE-OFF

Approval Reference Date Disposal Method Signature

INSPECTION

Date

Asset Status

Examiner’s

Name

Signature

20

IIUM.AM-2

ASSET REGISTER

ADDITIONAL DETAILS, REPLACEMENTS AND UPGRADES

PART B

No. Date Details Warranty

Period

Cost

(RM)

Name and

Signature

21

DETAIL EXPLANATION OF ASSET REGISTER INFORMATION (IIUM.AM-2)

(One (1) copy for one (1) capital asset unit)

A register consist of two parts:-

Part A : Details of assets and accessories provided.

Details on placement, inspection, disposal/write-off and

signature.

Part B : Details on additions, replacements and asset upgrades.

PART A

1. Asset Code. : Refer to IFIS (Asset Module)

2. Category : Consist of 3 categories:-

(a) Lodges/heavy transport

(b) Vehicle

(c) Equipment/ICT gear/Telecommunications/

Broadcasting/ Medical/Office/Laboratory/

Kitchen/Sports.

3. Sub Category : Example for sub category for vehicles:

Cars, Motorcycles, Van, Bus, Vessel, Planes and so on.

Example for sub category for Equipment/Medical

Apparatus: X-Ray Machine, Dental Chair, Radiographic

Unit and so on.

4. Type/Brand/Model : Example 1: 4-wheel drive/Perodua/Kembara.

Example 2: Laptop/Hewlett Packet/L1 506.

5. Product : State domestic product or international. For

international product state the name of country.

6. Type and Engine No. : Type of Engine like diesel, petrol, natural gas

Engine No like 4G54-KN8579.

7. Cassis No./Producer : For vehicle use cassis no. and for other capital assets

Serial use producer serial no.

8. Registration No. : For vehicle use registration number, example: WKL 5592

9. Original Cost : Cost when asset purchased or received. If none, estimate.

10. Received date : Date asset is received.

22

11. Purchased Order No. : State no. and date of Purchase Order for the capital asset

and date purchased

12. Warranty Period : State warranty period by supplier.

13. Supplier’s Name : Name and address of the supplier or if received by

and date other means, donor’s name and address.

14. Component/ : Component/Accessories provided together with the

Accessories capital asset. Example: For computer, its components

are monitor, and the accessory is speaker. (Use

appendix if spaces insufficient)

15. Signature/Name : Head of Department’s signature who approved the

Position, Date and information details and the asset at the time of

Stamp registration.

16. Placement : Asset location, placement date and signed by

user/supervisor of the location. Every transfer location

need to be recorded and signed.

17. Inspection : Inspection Officer shall state date, asset’s status either

used or not used, name and sign after very inspection.

18. Disposal/ Write-off : Disposal approval or write-off stated after executing

actions by stating approval reference, date and method

(for disposal) and signed by officer who update the

register.

PART B

1. Date : Additional, replacement or upgrades date.

2. Details : Additional/ replacement or upgrades additional

information.

3. Warranty Period : Record warranty period.

4. Cost : Additional, replacement or upgrades costs.

5. Name and signature : Name and signature of the officer who approved

additions, replacements or upgrades.

23

IIUM.AM-3

INVENTORY REGISTER Kulliyyah/Centre/Division:

Institute/Office :

Asset Code

Category

Sub Category

Type Original Cost

Quantity Received Date

Measurement Unit Purchase Order

Number and Date

Warranty Period

Supplier’s Name and Address:

(Head of Department Signature)

Name:

Position:

Date:

Stamp:

PLACEMENT

Quantity

Asset Code

Location

Date

Officer Name

Signature

INSPECTION

Date

Asset Status

Examiner Name

Signature

DISPOSAL/WRITE-OFF

Date Reference Disposal Method Quantity Location Signature

24

INVENTORY REGISTER (IIUM.Am-3)

(One (1) register per type of inventory in one Official Order)

1. Asset Code No. : Refer to IFIS (Asset Module)

2. Category : See Table below.

3. Sub Category : See Table below.

4. Type :

Example 1 Example 2 Example 3 Example 4

Category Tools/Sport

Equipment

Furniture Carpet/Decorations

& Curtains

Dishes

Sub Category Racket Cupboard Wall Decoration Bowl

Type Tennis Racket Mirrored

Cupboard

Portrait Painting Soup Bowl

5. Quantity : Total/Numbers of Inventory.

6. Measurement Unit : Sets, Packs, and so on.

7. Warranty Period : State warranty period

8. Original Cost : Purchased cost or received. If none, estimate.

9. Received Date : Fully received inventory date.

10. Official Order and date : Record no. and date of Official Order produced to purchase

the inventory. If not purchased, state, for example: Gift from

ABC Company dated 20 Jun 2005.

11. Supplier Name and : Name and address of supplier or giver (if not purchased)

Address

12. Signature, name, : Head of Department signature who approved information

position, date, and stamp details and the inventory during the registration.

13. Placement : Distribution according to quantity and registration serial

number where asset is placed.

For example: 20 chairs placed at two different locations.

Quantity 5 chairs 15 chairs

Registration Serial No. KK/BKP/I/06/1-5 KK/BKP/I/06/6-15

Location 5A Class 5B Class

14. Inspection : Inspection Officer shall fill date, status of asset used

or not used, name and signed after inspections.

15. Disposal/Write-off : Record approvals or write-off after executions by stating

quantity, approval letter reference, date and method (for

disposals) and signed by officer who updates register.

25

IIUM.AM.- 4

Notes : TOTAL is the acquisition cost including the cost of asset that has been disposed/write off.

GRAND TOTAL is the acquisition cost of the asset minus the cost of asset that need to be disposed/write off.

LIST OF REGISTERED ASSET

TOTAL

GRAND TOTAL

Status

Disposal/Write

off

Initial Cost (RM)Date of

AcquisitionName of AssetAsset CodeNo

26

IIUM.AM.- 5

Notes : TOTAL is the acquisition cost including the cost of asset that has been disposed/write off.

GRAND TOTAL is the acquisition cost of the asset minus the cost of asset that need to be disposed/write off.

TOTAL

GRAND TOTAL

LIST OF REGISTERED INVENTORY

No Asset Code Name of AssetDate of

AcquisitionInitial Cost (RM)

Status

Disposal/Write

off

27

Type

Brand and Model

Manufacturer Serial No.

Asset Code.

ReleasedExpected to

be ReturnSignature Date Signature Date

IIUM.AM-6

ASSET/INVENTORY MOVEMENT REGISTER

Lender/Borrower Officer

Note

No.Name of

Borrower

DateBorrower

Signature

When Released (Lender)When Returned

(Borrower Officer)

28

IIUM.AM-7

ASSET LIST

K/C/D/I/O : _________________________

LOCATION : _________________________

NO. ASSET DESCRIPTIONS QUANTITY

(a) Prepared by:

Signature

Name : Position:

Date:

Notes: (a) Prepared by Asset Liaison Officer

(b) Approving officer is one who is responsible on the asset for example:

(i) Location of Division Secretary – approved by Division Secretary

(ii) Location of Meeting Room – approved by officer who manage

meeting room

(c) Updated when there is quantity, location or responsible officer changes.

(b) Approved by:

Signature

Name:

Position:

Date:

29

IIUM.AM.-8

ANNUAL REPORT OF ASSET AND INVENTORY

No. KCDIOs

No. of

IIUM.AM-

2

Total

Value of

Asset

No. of

IIUM.AM-

3

Total

Value of

Inventory

Grand Total

No. Of

(IIUM.AM-2

+IIUM.AM-3)

Grand Total

Value of

(IIUM.AM-2

+IIUM.AM-3)

(RM)

TOTAL

……………………………………………….

Signature of Head Department

Name :

Position :

Date :

*report includes all asset held until the current year excluding asset that had been dispose/write off.

30

Document No: Policy No: 5

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET USAGE, STORAGE AND

2015 INSPECTION

1.0 OBJECTIVE

All IIUM assets shall be used and handled with care and in most efficient manner in order to

efficiently, skilfully and organized for:-

(a) Minimize wastage;

(b) Save costs;

(c) Optimize asset life-cycle fully;

(d) Prevent misuse and mismanagement;

(e) Avoid losses.

2.0 POLICY STATEMENT

USAGE

IIUM asset is to be used:-

(i) For official use only;

(ii) Following the functions as stated in the manual/ user’s manual book;

(iii)Handled by skilled and qualified staff;

(iv) Usage to be recorded; and

(v) Report any damages with Assets Damages Complaint Form IIUM.AM-9.

Asset that is taken out from the office shall have written permission from the Head

of Department. The asset shall be returned as soon as the usage is done or as

approved period which ever the sooner.(Refer to policy 4 para 7.3 page

15)(Asset/Inventory Register Movement Form - IIUM.AM-6)

STORAGE

IIUM’s Asset shall be stored in the place where it is safe and under control of the

responsible officer. IIUM Safety Orders shall always be observed to avoid damages

or loss of assets.

Each staff is responsible for any reduction, damages or losses under his

responsibility.

31

Valuable and high risk asset must always be put under maximum care.

COMPLIANCE

Any officer, who fails to comply with the regulations above, can be charged including

surcharge under Staff Disciplinary Order.

INSPECTIONS

Asset inspection shall be made on:-

Physical;

Records; and

Placement.

The purpose of inspection is to:-

Know its condition and performance;

Ensure each asset has been registered with complete, precise and updated

records; and

Ensure each asset is at the locations specified in the asset register.

The Executive Director of Finance shall appoint at least two (2) Inspection Officers

who are not involved directly in assets’ management to make inspections on asset

and inventory. Inspections must be executed at least once (1) annually.

Inspection Officer must submit Asset Inspection Report IIUM.AM-10 and

Inventory Inspection Report IIUM.AM-11 to head of Department.

Head of Department must submit IIUM.AM-10 and IIUM.AM-11 together with

Annual Inspection of Asset and Inventory IIUM.AM-12 to Finance Division.

Head of Department shall do on-the-spot inspection from time to time to ensure the

regulations are complied with.

32

IIUM.AM-9

ASSET DAMAGES /COMPLAINT FORM

Part I (To be filled by Asset Liaison Officer)

1. Asset’s Type :

2. Asset Description :

3. Asset Code :

4. Latest Maintenance :

Cost (if any)

5. Last User :

6. Damage Date :

7. Details of Damages

8. Asset Liaison’s Officer Recommendations

Name:

Position:

Date:

Part II (Head of Department Decision)

Approved/ Rejected*

...............................................

Signature

Name:

Position:

Date: Note: *Delete which unnecessary

33

IIUM.AM-10

ASSET CHECKING REPORT (Filled by inspection officer)

Kulliyyah/Centre/Division

Institute/Office : Department/Unit:

No.

Asset Code.

Type of Asset

Location

Register (IIUM.AM-2)

Condition of Asset

Notes

Completed Updated

According

to record

Actual Yes No Yes No

..................................

(Signature)

..................................

(Name of Inspection Officer 1)

..................................

(Position)

..................................

(Date of Inspection

...................................

(Signature)

...................................

(Name of Inspection Officer 2)

...................................

(Position)

...................................

(Date of Inspection)

Notes:

Location: State asset according to record and location of asset during

inspection.

Register: Mark where is necessary.

Condition of Asset: State whether used or not used.

Notes: Explanation to inspection findings.

34

IIUM.AM-11

INVENTORY CHECKING REPORT (Filled by inspection officer)

No. Type of

Inventory

Register Location Quantity Inventory

Condition

Notes Complete Update According

to record

Actual According

to record

Actual

Yes No Yes No

..................................

(Signature)

..................................

(Name of Inspection Officer 1)

..................................

(Position)

..................................

(Date of Inspection)

...................................

(Signature)

...................................

(Name of Inspection Officer 2)

...................................

(Position)

...................................

(Date of Inspection)

Notes:

Register: Mark where is necessary.

Location: State inventory according to record and location of inventory

during inspection.

Condition of Inventory: State whether used or not used.

Notes: Explanation to inspection findings.

35

IIUM.AM-12

ANNUAL INSPECTION OF ASSET AND INVENTORY

CERTIFICATE

YEAR........................

K/C/D/I/O :

It is confirmed that Asset and Inventory in

(KCDIO)

was checked on .

(Date of Inspection)

Signature :

Name of Asset Controller :

Date :

K/C/D/I/O, :

Stamp

36

Document No: Policy No: 6

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET MAINTENANCE

2015

1.0 OBJECTIVE

The purpose of Asset Maintenance is to:-

(a) Ensure asset continues to function smoothly and safe to use;

(b) Preserve and prolong life;

(c) Increase capacity;

(d) Minimize damages;

(e) Save IIUM’s expenditures;

(f) Guarantee user’s safety;

(g) Create conducive and productive work environment; and

(h) Preserve IIUM’s image.

2.0 POLICY STATEMENT

TYPES OF MAINTENANCE

Maintenance is divided into two (2) types as follows:-

Preventive Maintenance is a scheduled maintenance for inspection, service, fix or

replacement of components or physical sources systematically to ensure that it

continues to function smoothly; and

Corrective Maintenance is a fixing or replacing components or physical sources

so that it is functioning according to its standards.

MAINTENANCE MANUAL

Every manual/ user’s guide books relating to assets shall be kept as references for maintenance

purposes.

37

MAINTENANCE GUIDELINES

Asset Liaison Officer is responsible in executing these following steps:-

Provide lists of assets that need maintenance.

Asset that needs maintenance need to be identified and listed according to

IIUM.AM-13.

Planned Maintenance

When all assets that require maintenance are listed, one maintenance

programme shall be planned and prepared.

Executing Maintenance Programme

Maintenance shall be executed in accordance to prescribed schedule

unless the asset needs immediate maintenance.

Maintenance Records

Executed maintenance shall be recorded in Asset Maintenance

Registration IIUM.AM-14.

Evaluating Maintenance Programme

Evaluation shall be made on maintenance programme for the purpose of:-

Ensure that the purpose of maintenance is achieved;

Ensuring that maintenance carried out of a quality, appropriate is

reasonable cost and time;

Identify the next maintenance; and

Facilitate the management in deciding an appropriate course of actions

on the asset.

Supervise and monitor maintenance by private sector

Maintenance works which are made by private sectors shall be supervised

and monitored to ensure terms and conditions set in the agreement are in

compliance.

38

IIUM.AM-13

LIST OF IIUM ASSETS REQUIRING MAINTENANCE

(Filled by Asset Officer)

Campus :

K/C/D/I/O :

No. Asset’s Code. Type/Brand/Model Asset’s Location Notes

39

IIUM.AM-14

ASSET MAINTENANCE REGISTER

(Filled by Asset Officer)

Category:

Type:

(a)

Date

(b)

Work Details

(c)

Contract

No./Official Order

and Date

(d)

Company

Name/Department in

Charge

(e)

Cost (RM)

(f)

Name and Signature

a) Date

Repair/maintenance date done for the capital asset.

b) Work details

Explanation regarding the repair works includes any bought spare parts.

c) Contract Number/ Official Order Number and Date

Official Order Reference Number/Contract Number with Date

d) Company Name/Department in Charge

Company name or Department which executes maintenance works.

e) Cost

Spare parts cost or repairs cost or both.

f) Name and Signature

Asset Officer/ Transport Officer must sign to confirm the maintenance details.

Asset Code:

Location:

Notes:-

40

Document No: Policy No: 7

IIUM/FINPOL-01 Version No: 01

Revision No: 00

Effective Date: ASSET DISPOSAL

2015

1.0 OBJECTIVE

The purpose of disposal of IIUM asset are:-

(a) To ensure KCDIO do not retain asset which is unusable or not required;

(b) Save office space/ storage space;

(c) Gain the best revenue; and

(d) Enable asset owned by KCDIO be transferred to other KCDIO for specific

reasons.

2.0 POLICY STATEMENT

“Disposal” is a process of take out asset from possession, control, store and records

according to prescribed method.

DISPOSAL JUSTIFICATIONS

Asset can be disposed based on following reasons:-

(a) Uneconomical to do further repair & maintenance;

(b) Obsolescence;

(c) Damaged or unusable;

(d) Reach end of asset life cycle;

(e) Asset’s capacity is no longer optimum;

(f) Unavailable spare parts;

(g) Supplier no longer provide support services;

(h) Recommended by committee/ KCDIO after inspection of asset;

(i) No longer needed by KCDIO;

(j) Change technology; and

(k) Surplus of assets (more than requirement).

AUTHORITY TO APPROVE

1. The authority to approve disposal is as follows:-

- Head of User Department and Purchasing Manager Less than RM10, 000

- Executive Director of Finance RM10, 001 – RM100, 000

- Rector RM100, 001 – RM500, 000

- Standing Finance Committee above RM500, 000

41

2. All methods of disposal regardless original cost is as follows:-

(i) Donation;

(ii) Transfer from one department to another;

(iii) Trade-in;

(iv) Barter Trade;

(v) Sale to others ;

(vi) Offer to employees; and

(vii) Other disposal method which not stated in the procedure.

DISPOSAL SECRETARIAT

1. Asset Management Unit in Finance is responsible as Disposal Secretariat.

2. Disposal Secretariat tasks are as follows:-

(a) Manage the appointment of Inspection Board Members IIUM.AM-15;

(b) Obtain Disposal Certificate IIUM.AM-16;

(c) Obtain Inspection Board Report IIUM.AM-17;

(d) Check and ensure disposal application is complete and organized;

(e) Submit disposal application to Approving Authority:-

(f) Inform approval to Department for further actions;

(g) Apply for extending disposal period;

(h) Apply approval in amending disposal method;

(i) Appoint two witnesses from at least Support Group Officer I for

disposal by way of destruction;

(j) Obtain Asset Destruction Witness Certificate IIUM.AM-18;

(k) Obtain Certificate of Disposed Asset of IIUM IIUM.AM-19 for all

executed disposals;

(l) Submit IIUM.AM -19 to Approving Authority; and

(m) Prepare Asset Disposal Annual Report IIUM.AM-20 to Standing

Finance Committee (SFC).

INSPECTION COMMITTEE

1. Appointment of Inspection Committee

(a) Executive Director, Finance Division has to appoint Inspection Board

to make inspections on assets which needs to be disposed.

(b) Membership of Inspection Committee must consist of:-

(i) At least two (2) officers who are not directly involved in

assets handling;

(ii) Professional and Officer of Management Group of Support I

or in the same level; and

(iii)Officer from other KCDIO can be appointed if needed.

2. Duties of Inspection Officer are as follows:-

(a) Provide and submit inspection schedule to Disposal Secretariat;

(b) Check asset and record of asset to be disposed within one (1) month

from the date requested by KCDIO;

(c) Ensure all confidential and private information in the equipment to

be disposed is extracted;

(d) Provide Inspection Board Report IIUM.AM-17;

(e) Recommend appropriate disposal method; and

(f) Sign IIUM.AM-17 and submit to Disposal Secretariat.

42

DISPOSAL ACTION PERIOD

Disposal actions according to approved method shall be executed within the period of three

(3) months from the date of approval letter.

PERIOD EXTENTION

1. Application for extending the disposal period shall be submitted to Approving

Authority two (2) weeks before disposal period expires. Extension of period

can only be allowed once.

2. If disposal actions cannot be completed after extension period, the approval

shall be void and new application shall be submitted because of current asset

value reduction and disposal method may not be appropriate anymore.

AMENDING DISPOSAL PERIOD

Application to amend disposal method shall be submitted to Approving Authority.

Application shall be submitted before the disposal approval period lapse. If the period is

lapsed, the approval is void and new application shall be submitted.

METHOD OF DISPOSAL

In any asset disposal, the potential revenue to be obtained shall always be given

attention. To achieve this aim, Approving Authority can determine the appropriate

and profitable disposal method.

Disposal methods are as follows:

(a) Sale by:-

(i) Tender

(ii) Quotation

(iii)Auction

(b) Waste disposal

(c) Barter Trade

(d) Trade In

(e) Cannibalize

(f) Transfer

(g) Gifts

(h) Destroyed by:-

(i) Planting in the Ground

(ii) Burning

(iii)Removed

(iv) Sinking in water

(i) Other method of disposal which is appropriate.

43

EXECUTION OF DISPOSAL METHOD

1. Tender – to follow the prevailing IIUM Purchasing Policies and Procedures.

2. Quotation – to follow the prevailing IIUM Purchasing Policies and

Procedures.

3. Auction

(a) Disposal by way of auction can be performed on assets which have:-

(i) Market value;

(ii) Numbers of quantity; and

(iii)High demand to buy it.

(b) Auction Statement shall contained information details all assets which

are about to be auctioned. Date, time and place of auction shall be

stated clearly. Example of Auction Statement is as in IIUM.AM -27.

Auction Statement shall be given widespread publicity by distributing

internally to be shown in the information board. To advertised an

auction, it is sufficient for the notice to have date, time and place

information of the auction.

(c) Reserved price for auction is based on current value of the asset in

Inspection Board Report IIUM.AM -17 must be stated in the lists of

auctioned assets.

(d) Asset which is to be auctioned shall be shown to be seen by the public

at least in the period of two (2) days with reserved price shown on

auctioned asset.

(e) Bidder who interested to participating in the auction, have to register

to auctioneers officer by giving full name, ID No. and address to

auctioneers officer during the auction.

4. Scrap Disposal

(a) Disposal method by way of Scrap executed for unusable asset in the

original shape and functions which contain metal substances (iron,

copper etc.), rubber, wood, plastic, and anything else which have

market value.

(b) Assets which are no longer unusable can be sold as scrap due to its

metal, rubber, wood component which has market value.

(c) Waste disposal is executed by way of:-

(i) Tender as per IIUM Purchasing Policies;

(ii) Quotation as per IIUM Purchasing Policies; and

(iii)Invitation to registered Bumiputra Company in buying

scrap item.

44

5. Barter Trade

(a) Barter trade is a way to disposed asset where asset is traded from the

same or different type via restricted tender.

(b) Barter trade method requires approves from Finance Division

provided it has its justification.

(c) Barter Trade is executed based on:-

(i) Asset value shall be estimated by experts in that particular

field;

(ii) Asset which have security issues;

(iii)Asset exchange shall be based on best value;

(iv) Asset exchange must refers the KCDIO’s needs;

6. Trade-In

(a) Disposing through trade-in is where asset is still usable in its current

state but is no longer needed by KCDIO.

(b) All trade-in must obtain approval from Finance Division.

(c) Trade-in method shall be executed based on:-

(i) Asset with the same type;

(ii) The identified asset must be taken out before the new one

is installed;

(iii) Be approved by Technical Department (if necessary);

(iv) Price is to be negotiated between KCDIO and supplier;

(v) Current value assessed by Technical Department or

following the market price;

(vi) Adequate budget to finance the replaced asset;

(vii) Asset selling price shall be credited as revenue and cannot

be deducted from the asset’s original purchase price;

7. Cannibalize

(a) This method is when asset is taken apart and parts of the asset such

as body of a car or parts of computer are to be used as spare parts for

other equipment. Cannibalize can be executed on asset of none fix

economic but can be taken out by certain parts like machinery/

vehicles/ computer hardware taken out and installed as tools/

component to improve other machinery/ vehicle/ computer hardware.

(b) Disposal by way of cannibalize is executed based on :-

(i) Same type and functions;

(ii) Checked and certified its fitness by Technical Officer; and

(iii)Current needs for overhaul and savings

(c) Tools/components being installed to receiving asset need to be

recorded in Part B IIUM.AM-2 of the asset.

45

8. Asset Transfer

(a) Disposal by way of transfer can be performed among KCDIO asset

that can be used in its original form but not required anymore

because:-

(i) Asset is in excess;

(ii) Asset no longer required after project is completed; and

(iii)Obsolete/obsolescent.

(b) Disposal method by way of transfer executed based on:-

(i) Application or requirement of the receiving department;

(ii) Not subject to any payment;

(iii)Handling cost shall be submitted to receiving department;

(iv) Asset Register shall be updated by the receiving

department;

9. Gifts

(a) Disposal by way of gifts shall be obtained from Finance Division

regardless of the original cost.

(b) Asset’s features that can be disposed by way of gifts are:-

(i) Asset can still be used in the original shape and functions

but no longer needed by the KCDIO; or

(ii) Not economical to repair the asset but asset can still be used

for training or exhibition.

(c) Disposal by way of gifts can be performed:-

(i) Among KCDIO for training or exhibition purposes only; or

(ii) From University to any organisation, voluntary organisation

or other bodies recognised by Government.

(d) Disposal method by way of gifts is performed:-

(i) Upon receiving application from the intended gift receiver;

and

(ii) Handling and transport cost shall be borne by the receiver.

10. Destruction/ Extermination

(a) Disposal method by way of destruction can be performed for asset

which has no resale value/ residual value or asset that has security

risks of:-

(i) Burying in ground

(ii) Burning

(iii)Pumping

(iv) Sinking in body of water

(b) The following steps shall be taken before disposal of asset by the

above method:-

(i) Obtain approval from the related Government Authority

like Local Authority (PBT), Environmental Department,

Marine Department and others;

(ii) Regulatory and guideline compliance prescribed by the

Authority;

46

(iii)Materials that can be used as spare parts must be dismantled

first for future usage;

(iv) Appropriate actions like smash, knock, cut, press and so on

need to be done first to ensure no party could access and

take the parts for sale so that no party can take and re-sale

or for assets that have security risks, no asset information

can be retrieved; and

(v) Destruction Witness Certificate IIUM.AM-18 shall be

prepared after the completion.

11. Other Disposal Methods

Other disposal methods that are not stated as in the above paragraph shall

obtain approval from Finance Division regardless the original value.

PROCEDURE ON DISPOSAL

(a) Any IIUM asset label must be removed;

(b) Any disposal of vehicle must go through Finance Division and Transport

Unit;

DISPOSAL WORKS PROCESS AND FLOWCHART.

Disposal works process and flowchart is as in Schedule 3 and Schedule 4.

47

SCHEDULE 3

FLOW CHART OF IIUM ASSET DISPOSAL

1

2

3

4

15

6

7

9

10(a)

a)

10(b)

12

13

14

5

16

8

10

11

8a

11(a)

Determine asset that need to be disposed

Get IIUM.AM-16, if necessary

Provide asset’s information in

Inspection Board Form IIUM.AM-17

(as appointed in IIUM.AM-15)

Inspection by Inspection Board

Inspection Board complete Inspection

Board Report and sign

Submit Inspection Board Report to

Disposal Secretariat

Disposal Secretariat check report and

support document is attached

Complete?

?

No

Yes

Approved?

No Yes

Determine Approving Authority

10(b) Original value

above RM500, 000

Standing Finance

Committee

Return to Secretariat for further

information

Inform decision to applicant

Execute disposal according to decision

Provide Certificate of Disposed Asset of

IIUM IIUM.AM-19

Submit Disposal Certificate to Power to

Approve and other document

Update record

Return to Inspection

Board

Check Approving Authority scope:

10(a) Original value

Less than RM10, 000 Head of User Department

and Asset Unit

RM10, 001 – 100, 000

Executive Director of

Finance

RM100, 001 – 500, 000

Rector

47

48

SCHEDULE 4

IIUM ASSET DISPOSAL WORK PROCESS

Steps Work Process

1 Determine asset to be disposed

2 Get IIUM.AM-16, if necessary.

3 Provide asset information in IIUM.AM-17 as follows:-

a) Asset statement

b) Quantity

c) Purchased date

d) Used/stored period

e) Original value

f) Current value

4 Inspection by Inspection Board (as appointed in IIUM.AM-15)

5 Inspection Board complete and sign IIUM.AM-17

6 Submit IIUM.AM.PA-17 to Disposal Secretariat

7 Secretariat check IIUM.AM-17 and ensure the following support document attached:-

a) IIUM.AM-16 for assets of mechanical/technical tools/computer hardware

b) Department Justification to recommend disposal method

c) Accidents Report for vehicles that involved in accidents

d) Asset’s photos

e) Application letter from KCDIO for gifts/amendment method

8 If report completed, move to 9

8a If report incomplete, return to Inspection Board

9 Secretariat determine Power to Approve

10 Secretariat check scope of Power to Approve

10(a) Base on original value, submit to :-

a) Head of User Department and Asset Unit if less than RM10, 000.

b) Executive Director of Finance if the value is between RM10, 001 – 100,000.

c) Rector if the value is between RM100,001 – RM 500,000.

10(b) Submit to Standing Finance Committee if:

Original value more than RM 500,000 each or total value.

11 If disposal approved, proceed to 12

11(a) If disposal not approved, report returned to Disposal Secretariat for further information

12 Inform decision to applicant

13 Execute disposal according to decision

14 Provide Certificate of Disposed Asset of IIUM IIUM.AM-19

15 Submit Certificate of Disposed Asset of IIUM to Power to Approve together with:-

a) Copy of receipt for selling disposal method

b) Acceptance Letter for gift/transfer disposal method

c) Destruction Witness Certificate IIUM.AM-18 for destruction disposal

method

16 Update asset register report

49

IIUM.AM-15

Reference Number:

Date:

To:

(Appointed Officer Name)

APPOINT AS INSPECTION BOARD

IIUM ASSET DISPOSAL

I, as Control Officer hereby appoint Sir/Madam as Chairman/Inspection Board

Member to inspect assets that was recommended to be disposed for the period

of..............(year) starting from .................. until ................. .

2. Inspection report shall be provided by using Inspection Board Report

(IIUM.AM-17) and submitted to Secretariat of Disposal Department within the

period of two (2) weeks after inspection is done.

(Control Officer Signature)

Name:

Position:

Stamp:

50

IIUM.AM-16

DISPOSAL CERTIFICATE

IIUM ASSET

Campus :

K/C/D/I/O :

Asset’s Code : Total distance (km)/:

Usage Period (Hour)

Type, Brand and Model : Level of Service (%):

Chassis No/ Producer Serial : Total Cost of Previous:

Maintenance

Engine No. :

Current Maintenance:

Registration No (vehicle) : Estimation Cost

Purchase Date : Current Value:

Original Cost :

INSPECTION REPORT

Needed improvement details:

1.

2.

3.

It is confirmed that the asset is checked and certified for disposal on following reasons:-

1.

2.

3.

(Signature) (Signature)

Name :

Position :

Date :

Stamp :

This space shall be filled if IIUM.AM-16 exceed the period of one (1) year.

Asset had been re-evaluated with the current value of RM

(Signature)

Name : Stamp :

Position :

Date :

Name :

Position :

Date :

Stamp :

51

IIUM.AM-17

IIUM ASSET INSPECTION BOARD REPORT

K/C/D/I/O :

Date of Inspection Board:

Date of Inspection:

Place of inspection:

No. DEPARTMENT/

DIVISION

ASSET

EXPLANATION UNIT QUANTITY

PERIOD

USED/STORED

ORIGINAL

COST

CURRENT

VALUE

STATE

ASSET’S

CONDITIONS

CLEARLY

RECOMMANDED

DISPOSAL

METHOD AND

JUSTIFICATION UNIT

(RM)

TOTAL

(RM)

UNIT

(RM)

TOTAL

(RM)

TOTAL

Signature (Chairman)

Name: ...........................................................

Position: .......................................................

Signature (Member)

Name: ...........................................................

Position: .....................................................

*(Space can be added if Inspection Board Member more than 2 people)

52

IIUM.AM-18

K/C/D/I/O : __________________________________________

CERTIFICATE OF IIUM ASSET DESTRUCTION WITNESS

It is certified as information below is destructed.

Signature

Name:

Position:

Stamp:

*Choose any

Type of asset :

Quantity :

Method :(Burying/Burning/Pumping/Sinking/Others)*

Date :

Place :

Signature

Name:

Position:

Stamp:

53

IIUM.AM-19

CAMPUS :

K/C/D/I/O :

CERTIFICATE OF DISPOSED ASSET OF IIUM.

With reference to approval letter Reference number.................................

dated...................., I hereby confirmed disposal actions are executed as follow:-

1. Following assets had been disposed by way of transfer/gifts.

Amount of items ......................................... transferred/gifted

to..............................................................................................

(Acceptance letter attached)

2. Following asset had been disposed by way of selling.

Amount of assets........................................ Receipt No.................

(Copy of receipt attached)

3. Following asset had been disposed by way of destruction.

Amount of items:

Method of Disposal:

(Destruction Witness Certificate attached)

4. Following asset had been disposed via other methods.

Amount of items:

Disposal Method:

(Related documents attached)

5. Following asset inserted in stock

Amount of items................................................................

(Copy of Stock Control Card attached)

Signature of Head of Department:

Name:

Position:

Date:

Department/Division stamp:

54

IIUM.AM-20

IIUM ASSET ANNUAL DISPOSAL REPORT

YEAR:

CAMPUS :

K/C/D/I/O :

No. ASSET CODE

TOTAL

ORIGINAL

VALUE

(RM)

DISPOSAL

RESULT

(RM)

TOTAL ORIGINAL VALUE OF ASSET BY WAY OF:

SELLING TRANSFER DESTRUCTION OTHER

METHOD

Notes: This report shall be sent to Treasury before 15 March the following year

Signature of Control Officer : Department Stamp:

Name :

Position :

Date :

55

IIUM.AM-21

Tender No.:

STATEMENT OF IIUM ASSET DISPOSAL TENDER OFFER

1. Tender is invited from company or individual who is interested to buy asset

as follows:

No. Asset Explanation Quantity Storage Cost Tender Deposit

1.

2.

3.

2. Asset can be seen on until between

until at .

3. Tender will be closed on at 12.00 noon.

4. Offer can be made by using IIUM Mobile Asset Disposal Tender

(IIUM.AM-22) which can be obtained at the address as in paragraph 5.

Validation of period is 60 days for local tender or 90 days for international

tender starting from the date of tender closing.

5. All offers with complete information shall use sealed envelope and marked

with Tender No. and sent via post or inserted into Tender Box

addressed as:

56

6. TENDER CONDITIONS AND REGULATIONS

6.1 Asset will be sold subject to storage cost.

6.2 All assets are sold as-is-where-is-basis.

6.3 This department is not responsible on sold asset.

6.4 All expenditure related to asset purchase like dismantle, transport

and so on shall be covered the owner himself.

57

IIUM.AM-22

IIUM ASSET DISPOSAL TENDER FORM

Name of individual/company:

Identity Card No./ Company Registration:

Address:

To:

(Name and Address of K/C/D/I/O)

Sir,

Offer for Tender No. ....................../.........

Referring to above matter, I/company interested in joining the tender.

1. My/company offer is as follows:-

No. Asset Explanation Quantity Offer Cost (RM)

58

2. I/Company understand and agreed to all prescribed conditions.

Thank you.

Signature

Name/ Company Stamp

59

IIUM.AM-23

DISPOSAL TENDER OF IIUM ASSET SCHEDULE

(to be shown in information board)

No. Tender Code Cost

Note: Offer price as above is the price stated in tender document

received before checked. IIUM is not bound to accept any

scheduled tender.

(Chairman Signature)

Name:

Position:

(Member Signature)

Name: ………………………………….

Position: ……………………………….

Date:

(Member Signature)

Name:…………………………

Position:……………………….

60

IIUM.AM-24

Quotation No.:

OFFER STATEMENT OF IIUM ASSET DISPOSAL QUOTATION

Campus :

K/C/D/I/O :

1. Offer is invited from company or individual that interested to purchase asset

as follows:-

No. Asset Explanation Quantity Storage Cost Tender Deposit

1.

2.

3.

2. Asset can be seen on ...................... and/until........................ between

..................... until ......................... at

……………………………………………….........

3. All offers can be made by using Quote Form of IIUM Asset Disposal

(IIUM.AM-25) which can be obtained at the address stated in paragraph 5.

Offer shall be valid for 60 days.

4. All offers with complete information shall use sealed envelope and marked

as Quote No. ...................../....................... and sent via post or inserted into

Quote Box at the address:-

5. Quote closing date on ........................ at 12.00 noon. Late quote will not be

considered.

(Head of Department Signature)

Address:

Date:

Stamp:

61

QUOTATION CONDITIONS AND REGULATIONS

1. Asset will be sold subject to store cost.

2. All assets sold as-is-where-is basis.

3. This department is not responsible for sold items

4. All expenditure related to assets purchase like dismantle, transport and so on

shall be covered by buyer himself.

62

IIUM.AM-25

DISPOSAL OF IIUM ASSET QUOTATION FORM

Name of Individual/Company:

Identity Card Number/ Company Registration:

Address:

To:

(Name and Address of K/C/D/I/O)

Sir,

Invitation for Quotation No. /

With regards to the above matter, I/ the company is interested in joining the

quotation.

1. My/ The company offer is as follows:-

No. Asset Explanation Quantity Offer Price (RM)

63

2. I, the company understand and agreed to all conditions prescribed.

Thank you.

Signature ___________________

Name and company stamp ___________________

64

IIUM.AM-26

QUOTATION SCHEDULE OF IIUM ASSET DISPOSAL

(To be shown on the Notice board)

No. Quotation Code Price

Note: Offer price as above is the price stated in quotation documents which

received before checked. IIUM is not bond to accept any schedule quotation.

__________________

(Chairman Signature)

Name:

Position:

(Member Signature) (Member Signature)

Name: Name:

Position: Position:

Date:

65

IIUM.AM-27

IIUM ASSET AUCTION SALE STATEMENT

It is informed that (name of K/C/D/I/O) will held an

asset auction as follows:-

Date :

Time :

Venue:

2. List of asset to be auctioned is as in IIUM.AM -27(A). All assets can be seen

on and/until at the address

between until .

3. Terms and conditions of auctions are as follows:-

(i) Asset will be sold subject to store price.

(ii) Interested bidder to join the auction need to register with

Auctioneer Officer by giving full name, ID no. and address to

Auctioneer Officer during the time of the auction.

(iii) The highest bidder is the successful bidder and if there is any

dispute raised relating to the highest bidder, the asset will be

auctioned again.

(iv) Department have all rights to change the sale composition

in IIUM.AM-27 (A) and withdraw any asset from the list.

(v) All assets are auctioned as-is-where-is basis.

(vi) This department is not responsible to all sold asset.

(vii) All expenditure for transporting asset shall be borne by the

bidder himself.

66

(viii) The successful bidder shall have to inform his full name, ID

No. and address to Auctioneer Officer at the time of the sale.

(ix) All payment shall be made fully before asset can be taken

out from the Department premises.

67

IIUM.AM-27 (A)

LIST OF AUCTIONED ASSETS

K/C/D/I/O:

Lot. Type of Asset Quantity Storage Price (RM)

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

(Head of Department Signature)

Name :

Position :

Date :

K/C/D/I/O Stamp :