Financial Services

Non-cash Transactions Policy

Non-cash transactions refer to donations of goods or services made to the University by an organisation or individual external to the University.

Policy statement

When a donated asset is accepted by the University, it becomes part of the capital of the University. At that time, the monetary value of the asset is assessed and its value is confirmed by the authorised financial delegate or Head of the relevant Business Unit.

The value of the non-cash item is recognised as income to the University at the time of receipt. When the monetary value of an asset satisfies the conditions of the monetary threshold, it becomes part of the Asset Register of the University.

Key controls

  • Segregation of duties: responsibilities for billing (raising invoice) adequately segregated from those for collection, deposit of funds and credit issuance.
  • Reviewing and approving of credit notes as per University Financial Delegation.
  • Prompt investigation of credit issuance and disputes with billing amount.
  • Establishment of a documented Revenues and Receivables procedures and controls to ensure all staff know the processes they are expected to follow.
  • Periodic review and approval by legislative bodies of rate of taxes, fines, fees, programs of tax exemption, rate schedules and the like.
  • Regular review on delinquent accounts and take prompt action to collect or consider them for write-off on a timely basis.
  • Retention of records for audit purposes.