Office of the University Secretary

University of Saskatchewan Policies

Write-Off of Valueless Assets

Purpose:

To establish the authority for writing off obsolete inventories, fixed assets, uncollectable accounts, and cash shortages.

Policy:

The Director, Financial Reporting, Financial Services Division is authorized to write off the value of obsolete inventory, fixed assets, and uncollectable accounts provided that the book value of each asset does not exceed $10,000, and cash shortages provided that the amount does not exceed $1,000.

The Associate Vice President (Financial Services) is authorized to write off the value of obsolete inventories, fixed assets, uncollectable accounts, and cash shortages in excess of the authorized limits of the Director, Financial Reporting, Financial Services Division.

Procedure Summary:

• A Request to Write Off Valueless Assets form must be completed and forwarded to the Director, Financial Reporting, Financial Services Division.
• All requests must be accompanied by sufficient detail to support the request and to identify the specific assets involved.
• All requests must be accompanied by an appropriately completed journal voucher to charge the book value of each item back to the department or unit making the request.
• All journal vouchers must be coded to the appropriate sub code as established in the Financial Records System.

Contact: Director, Financial Reporting, Financial Services Division (966-8305)

Website: www.usask.ca/fsd 

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