Fixed Asset Management: Policy and Procedure in BRAC University

Abstract

BRAC University (“the University”) is a private institution of higher education, established in 2001 under clause 6(1) of the Private University Act 1992 (later superseded by the Private University Act 2010) upon approval and certification of the Ministry of Education of the Government of the People’s Republic of Bangladesh. It was founded as a branch of the BRAC organization by Sir Fazle Hasan Abed, KCMG; Founder & Chairperson of BRAC. BRAC University currently offers undergraduate and graduate degrees to more than 9,000 students. In 2017, BRAC University was ranked No. 1 private university in Bangladesh by QS Asian University Rankings. BRACU believe, the strong higher education institutions can make a contribution to national development. Key aspects of the university’s role are providing the highest-quality teaching in the region at a reasonable cost and producing the talent and leadership that society requires. The broad aim of BRACU is to create functional elite responsive to the needs of the whole of society. This includes providing the tools required in health, education, governance and business for producing citizens committed to work towards national progress. At present BRACU have 391 full time faculty members and 240 part-time, course contract, visiting faculty members and teaching facilitators. In addition, the University employed 242 administrative staffs and 153 service staff and 234 project staff. Along with twenty different administrative departments there is one department named Asset Management Office (AMO) and that particular department has taken the responsibility of every single fixed asset of every particular location of BRACU. AMO is responsible for buying, replacing, maintain, repairing the old one, keeping record of every particular asset, asset validity checking, and finally send the asset in auction when the validity is over of any particular asset. To do this AMO use Fixed Asset Management System (FAMS) software and put tag number to every single asset. AMO is maintaining the balance of fixed asset and helps to prepare an error free financial statement by providing more accurate free information.