16Assets

16 Assets

(1) A higher education provider must not use an ISSP grant to purchase an asset unless an administering officer approves the purchase in writing. (2) If a higher education provider uses an ISSP grant to purchase an asset, the provider must: (a) use the asset for the activities specified in these Guidelines; and (b) protect and maintain the asset; and (c) maintain insurance for the asset for the full value of the asset. (3) If a higher education provider uses an ISSP grant to purchase an asset, the provider must not sell or dispose of the asset without the prior written consent of an administering officer unless the asset has an adjustable value of less than $5000. (4) If a higher education provider sells or disposes of an asset purchased using an ISSP grant, the provider must: (a) use the proceeds of the sale or disposal for activities specified in these Guidelines; and (b) notify the Minister of the amount or value of the proceeds of any sale or disposal of the asset in a statement accompanying the reports required under subsection 17(1) of these Guidelines. (5) A higher education provider must maintain a register of all assets purchased using an ISSP grant that remain within the provider’s possession, which must include for each asset: (a) a description of the asset, including the serial number and the location of the asset; and (b) the purchase, lease, or acquisition price of the asset; and (c) the amount of the ISSP grant used to purchase, lease or otherwise acquire the asset; and (d) whether the asset is owned, leased or acquired; and (e) the adjustable value of the asset. (6) At the end of a grant year, an administering officer may direct a higher education provider that used an ISSP grant to purchase an asset in the grant year to deal with the asset in a particular way, including but not limited to, directing the provider to: (a) sell the asset and returning the full sale amount to the Commonwealth; or (b) transfer the asset to the Commonwealth or its nominee. (7) A higher education provider must provide evidence that it has complied with the conditions in this section within 10 business days of a request by an administering officer. (8) In this section, adjustable value means the cost of an asset less its decline in value determined in accordance with the Australian Taxation Office Guide to Depreciating Assets 2014.