The Stock Provision, Write off, and Disposals Policy has been written in response to growing levels of obsolete stock within departments.
Aged stock can be a problem that grows and is soon out of control. It was decided that a formal policy should be written and enforced throughout the University to ensure that stock was managed correctly and that stock values were not over inflated or inaccurate which would ultimately lead to a stock write off.
The University holds a significant amount of inventory stock and each individual inventory holding department has a responsibility to manage risk and economic benefit by ensuring optimal stock holdings are held to support operations.
This policy for dealing with the provision for stock write off and disposal forms part of the University's internal control and corporate governance arrangements.
All write-offs need to adhere to the authorisation limits detailed in the Financial Regulations.
- Up to £1k – Approved member of Staff (i.e. Administrator)
- Up to £50k – Head of Department
- Over £50k – Divisional Financial Controller