4. PAMS HEAD
⢠Will be responsible of the Organizationâs capital assets: establishes,
records, manages, maintains the completeness and accuracy of
Fixed Asset Register tracking information from a lifecycle
management approach.
⢠Ensures effective implementation of the Asset Management Plan.
⢠Oversees and supervises all activities of the purchasing and
⢠supply management of the organization.
5. ADMIN SUPPORT ASSISTANT
⢠Acts as PAMO Information System encoder. Encodes all transactions of fixed
assetâs lifecycle from acquisition to disposal in its complete and accurate
maintenance of Fixed Asset Register.
⢠Schedules, organizes, coordinates, appointments/meetings kept on schedule
⢠Involves in written communication/creates reports needed for PAMO, inter office
communication and other related works.
⢠Takes/receives incoming phone calls, messages, documents and conveys same to
the concerned recipients
⢠Supports/assists colleagues to have a smooth work flow as the need arise.
⢠Performs other functions that may be assigned by the PAMS Head.
6. PROCUREMENT OFFICER
⢠Responsible of handling procurement issues, calibration, reviews receipt of signed
Requisition, passes it on to the purchase canvasser for obtaining quotations from
qualified vendors or suppliers.
⢠Evaluating suppliersâ quality products and services and ensuring they are cost
efficient and of high quality meeting the defined requirements/specifications of the
requestor.
⢠Prepares Purchase Order address to the particulat supplier to which PO is
awarded.
⢠Reviewing, comparing and analyzing approved PO before sending to the PAMO
Head.
⢠Responsible for the purchase of approved PO for products and services required
by each department, call or fax approved PO to approved supplier, ask for the
exact date of delivery of items.
7. PURCHASE CANVASSER
⢠As the Purchase Requisition is approved and reviewed by the the
Procurement Officer, passes on to the canvasser, to obtain quotations or
source out the items from qualified vendor/supplier to meet the requestorâs
defined requirements/specifications while optimizing the use of
organizationâs cash resources.
⢠Assists the Procurement Officer in searching and evaluating new
vendors/suppliers for accreditation, and or procuring items/goods and
services.
⢠Performs other functions as the need arise.
8. PURCHASER
⢠A purchaser is responsible for coordinating purchases of various
products and services for their company. They order supplies, inventory,
equipment, and services for all departments in the company.
⢠Prepares liquidation of purchased items
⢠Checks/receives the delivered items in good condition from the suppliers
with Delivery Receipt (DR), Charge Invoice CI). Reconciles against PO,
DR
⢠Properly endorse to Finance or A/P staff for payment process with complete
attachment and file copy to PAMS.
⢠Informs the requesting party for the delivery of purchased items to get from
PAMS and endorse transmittal form.
9. PROPERTY CUSTODIAN
⢠Responsible for all incoming, present and outgoing organizationâs fixed
assets, tagging them and maintaining complete, accurate and updated
inventory records and controls and verifications.
⢠Conducts physical inventory of physical assets during periodic inventory
schedule from the generated Inventory Lists provided by the Encoder.
Verifies the accuracy/completeness of the listed property and equipment.
10. DEPARTMENT/KLC PROPERTY
CUSTODIAN
⢠Responsible for the stewardship of all the assets under their control against
theft, loss and damage and for physical verification during the periodic
inventory.
⢠Maintains and records complete and accurate Fixed Asset Register of
detailed list of all fixed assets in their department in accordance with the
PAMSâ established procedures.
⢠Report promptly the movements, transfers, relocaton of accountable assets
to the PAMS, by accomplishing the appropriate form.
⢠Conducts fixed asset inventory, the physical verification of departmental
assets (verify existence and location) together with the PAMS Custodian
Officer. A copy of generated Inventory List will be provided for review
against their checklist.
11.
12. PROCUREMENT
⢠âThe process of finding and agreeing to terms, and
acquiring goods, services, or works from an
external source, often via a tendering or
competitive bidding processâ.
21. ASSET MANAGEMENT
â A systematic and coordinated activities and practices through
which the organization optimally and sustainably manages its
assets and asset systems, their associated performance, risks
and costs and expenditures over their life cycles for the purpose
of achieving the organizational strategic plan.â
24. PROPERTY CUSTODIAN TASK
The designated Property Custodians perform, among others, important
workloads that include the receipt, issuance, and maintenance,
safekeeping of supplies, materials and equipment and other
properties and facilities of the department.
25. BENEFITS OF ASSET MANAGEMENT
⢠All properties are properly accounted.
⢠There is a clear and established accountability of the properties
⢠Procurement is planned and need is anticipated because of
updated inventory
⢠Reduce the cost for investment to property because every
property is fully accounted and taken care of.
26. DEFINITION OF TERMS
⢠ASSETS â Tangible or intangible resource with economic value
owned and controlled by the organization that will provide future
economic benefit.
⢠CURRENT ASSETS â
⢠NON-CURRENT ASSETS â
27. DEFINITION OF TERMS
⢠ASSETS â Tangible or intangible resource with economic value owned
and controlled by the organization that will provide future economic
benefit.
⢠CAPITAL / FIXED ASSETS - Fixed, tangible physical assets, acquired to
carry on the business of the Kingdom. Non expendable property (i.e:
plant or equipment, land, buildings, fixtures and furniture, vehicles.
ď Individual value of Php 20,000.00 or greater
ď Having a useful life exceeding more than one year
ď Will provide future economic benefit
ď These assets are depreciated over their useful life.
28. DEFINITION OF TERMS
⢠Depreciation
Refers to the accounting approach to allocate the cost of a tangible
asset over its useful life. It is the reduction in the value of an asset
that occurs over time due to usage, wear and tear or obsolescence.
For the purpose of this policy, capital assets are depreciated using
the straight line method over the estimated useful lives of the
assets.
29. INVENTORY OF ASSETS
⢠FIXED ASSET REGISTER -A system used to record, maintain,
track, detailed list of all the fixed assets owned by the Kingdom. It is
the central database of information about the Kingdomâs assets.
⢠Asset is classed as a capital/fixed asset and required to be recorded
on the Fixed Asset Register:
ďIndividual asset with a value equal to or greater than capitalization
threshold of Php 20,000.00
ďHaving a useful life exceeding more than one year
ďWill provide future economic benefit
ďThese assets are depreciated over their useful life.
30. DEFINITION OF TERMS
⢠Pooled assets- assets that are grouped similar in type, timing,
individual cost and estimated useful life (e.g. ten meeting room chairs,
several pieces of office furniture and the like) have been purchased
together (e.g. on one invoice or from one supplier at a similar time)
whose combined cost exceeds the capitalization threshold can be
recorded in the Fixed Asset Register.
⢠Library books/Work of Art or Historical Treasures - cost of
purchase, should be expensed, except where the individual cost can
be capitalized when it is equal to or greater than the capitalization
threshold of Php20,000, have a useful life greater than one year.
31. INVENTORY OF ASSETS
⢠Non-current physical assets differ from inventory items.
⢠STOCK REGISTER - Consumable items (used up, expended, have
limited life), and expensed at the time of purchase (i.e.office supplies,
cleaning materials and the like)
ď Items with a life expectancy of one year or less are considered to
be consumable items. Eg: office supplies, cleaning suppliesâŚ
ď Inventories (supplies) that they do not intend to sell.
ď Consumable items used in the day-to-day operation .
32. INVENTORY OF ASSETS
⢠PORTABLE AND ATTRACTIVE ITEM REGISTER -
Is a register maintained and controlled by the Property Custodian,
and the Department Unit acquiring such items, and recorded the
receipt, movement and disposal of non-consumable items of a
portable and attractive nature, (not to be recorded in the Fixed Asset
Register)
33. DEFINITION OF TERMS
⢠Portable and attractive items are non-consumable items that do not
meet the asset capitalization threshold, is not depreciated,
consequently are expensed in the year of acquisition. The following
will determine attractive and portable item:
ď Is a non-consumable with a value of less than Php20,000.00
capitalization threshold.
ď Has an attractive and portable nature
ď Has a high risk of being lost or prone to theft (stolen), for private
use or resale
⢠Attractive assets are not exempt from affixation of asset tags.
34. DEFINITION OF TERMS
⢠Examples of Portable and Attractive Items include (but are not limited to):
⢠Laptop, tablet
⢠Mobile communication devices (i.e. iPhone/Androids/iPads)
⢠Audio Visual Equipment (including Projectors)
⢠Cameras (digital/film/video) and Photographic projection equipment
⢠Printers (including label printers)
⢠Software
⢠Televisions, flat screens and monitors
⢠DVD/Video players and Music players (iPod etc.)
⢠GPS devices
⢠Power Tools
⢠Optical devices, telescopes, infrared viewers
35. LOCATION OF FIXED ASSET
⢠Departments will identify and record all fixed assets and controlled
items in the Fixed Asset Register.
⢠This Office should be notified in writing when the location of fixed
asset changes:
ďequipment movement to a new location
ďequipment is transferred to a new department;
ďequipment is broken or worn out;
ďequipment is no longer needed by the department;
ďthe equipment is missing or has been stolen.
ďobsolescence and/or unused assets
36. PROTOCOLS AND PROCEDURES
Verification of Fixed Assets : Stocktaking
⢠This office will conduct periodic fixed assets audits (stock takes) annually.
ďTo maintain the completeness and verify the accuracy of the fixed asset
register information (including attractive items) and provide accurate
capital equipment inventory reporting for all departments.
ďEnable verification of asset register data
ďTo verify the physical existence, location and condition of fixed assets in
the respective Department Units
ďTo provide for correction and updating of discrepancies in the Fixed
Asset Register
ďUpdate the departments on policies and procedures
37. PROTOCOLS AND PROCEDURES
Stocktaking Procedure
⢠This office will notify Department heads of stock take timeframes,
and provide the department generated assets listing from the Fixed
Asset Register (besides their own Asset Register maintained).
⢠Using the listing, the Department Property Custodian will match with
their own list for comprehensive review. On the scheduled date, the
Property and Asset Management Staff with Department Property
Custodian will conduct the stocktaking or asset verification.
38. PROTOCOLS AND PROCEDURES
Stocktaking Procedure
⢠When physical check of assets are done, both the PAM Staff and unit
staff/custodian must reconcile the count on their listings sheet.
⢠Where there are discrepancies in the asset counts, it will be the
departmentâs responsibility to locate assets and reconcile all
discrepancies. Generated listings sheet must be signed by the staff that
conducted the stock take.
⢠Asset Report of the stock take results are generated within 30 days after
the completion of the reconciliation period. The Department Head, must
verify the stock take results and all discrepancies, prior to reporting to this
Office, addressing significant issues (i,e. items becoming obsolete,
damaged, lost or stolen).
39. PROTOCOLS AND PROCEDURES
Damage, Theft and Loss of Assets
⢠The Department Property Custodian must report immediately the
damage, theft or loss of an asset with a written report identifying the
missing asset to be noted by the Department Head. This must be
drawn to the attention of the Management Team who will appoint
an officer/staff conduct an investigation. A written report of the result
of the investigation will be provided to the Management Team and
will recommend the appropriate action that should be taken.
40. PROTOCOLS AND PROCEDURES
ASSSET LOAN / BORROWING OF ASSET
⢠The loan of an asset to a member of staff, should occur only for the
purpose of conducting Kingdom business and must be approved by
the respective Department/ Section Heads.
⢠The borrower of the asset bears full responsibility for the asset while
it is in their care and must agree to return the asset in a good
working condition.
⢠For big quantities of assets to be borrowed, the borrower must
present a proposal letter signed and approved by the
Department/Section Heads (or by the Admin) and fill-out the
Borrowerâs Form
41. PROTOCOLS AND PROCEDURES
ASSET TRANSFER
⢠Transfer of assets between the two departments. Both the
transferring and receiving department or section will account for
fixed asset transfers. Complete the Transfer Form.
⢠The department heads of transferring and receiving department will
approve transfers. Inform the PAMO.
⢠The transfer will be at the presence of the PAMO. Once a transfer
has been completed, the receiving department will confirm asset
transfer information. Both will be responsible to update their Asset
Register. Submit to PAMO Transfer Form to update PAMOâs Fixed
Asset Register
42. PROTOCOLS AND PROCEDURES
PERSONAL (HOUSEHOLD) PROPERTY
Every FTMW fills out the Personal Property Form indicating the
items or assets that are within their care or custody. Personal
property can be, but not limited to, laptop, electric fans, cell phones,
electronic gadgets, appliances, furniture etc.
This assures that during the verification, these properties can be
clearly distinguished.
43. PROTOCOLS AND PROCEDURES
DISPOSAL
⢠Fixed assets and controlled items no longer required may be disposed and
released from the Asset Register, if they are:
⢠obsolete
⢠unusable/unserviceable (no longer have value to the organization
⢠retired
⢠not needed
⢠damaged beyond repair
⢠traded-in/sold
⢠missing (i.e. lost or stolen)
⢠surplus to requirements
⢠scrapped or
⢠to be donated
44. PROTOCOLS AND PROCEDURES
DISPOSAL PROCEDURE
The Department Heads will identify and record all fixed assets and
controlled items that should be removed from service, retired, and
disposed of. All assets that are sold/traded-in, stolen, damaged
beyond repair, worn, scrapped in any other way will be reported as
retirements or released from the Asset Register. All disposals and
retirements for fixed assets, controlled items, will be performed in
accordance with asset management guidelines and procedures.
45. PROTOCOLS AND PROCEDURES
DISPOSAL PROCEDURE
⢠The Department should notify this Office in writing the identified
fixed assets and controlled items for disposal. All requests for
disposal must be supported by an authorized Asset Disposal Form.
This will be forwarded to the Management Team to obtain
approval/recommendation for disposition if necessary. Approval in
writing is required.
⢠Upon its approval, the asset disposal process, including the method
of disposal will be appointed by the Department Management Team
to dispose of assets. If the asset is to be sold, record the proceeds
in the asset register, profit or loss on disposal and the date
disposed, if should be given away on a first-come, first-serve basis
to the Kingdomâs community.
46. PROTOCOLS AND PROCEDURES
SURPLUS ITEMS PROCEDURE
Departments can endorse their surplus items for donation or
disposal to this Office. This Office posts a listing of surplus items in
the bulletin board. Other Departments may choose an item(s) from
the list and submit a proposal to request surplus items or contact
this office for inquiries.
47. PROTOCOLS AND PROCEDURES
ENDORSEMENT OF ASSETS
A Memorandum of Receipt with the Kingdom Terms and Conditions
shall be fulfilled before the awarding of assets to an FTMW or a
Department.
48. Guidelines of KingdomProperty Inventory and Tagging
1
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Purpose
To establish a consolidated inventory of Kingdom properties and organized property tagging system.
Scope
This guideline covers all Kingdom Departments based in the Central Headquarter and Mansion (Manila), and KLCs in
the Philippines and abroad. It also covers Kingdom Workerâs House in the Philippines and abroad.
Theinventory and tagging covers fix assets which has an acquisition value of Php1,000.00 or $ 20 US Dollars at the time
it was purchased. Forassets that are donated, the same will apply. Thevalue reference will depend on the information
that will beprovided by the donor.
49. Guidelines
1
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ďą All properties issued to, used by, donated to, or purchased by Kingdom Department and KLCs shall be inventoried
and sticked with property tag. Property tag/sticker is a piece of durable sticker paper containing informations pertaining
to the property.
ďą The information required to be inputted in the property tag are as follows:
1. Property Code / Number
2. Name of item or property
3. Description of the property
4. Serial number of the property
5. Manufacturer and model
6. Date Acquired
7. Mode of Acquisition
1. Purchased
2. Donated
8. Current User (Issued to)
9. Date Issued
10.Present Condition
11.Date Counted
50. Rulein property coding or numbering
1
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ďą The coding follows this method: AAA-BBB-0000-000:000 where
o AAA stands for the name of the department represented by first 3 letters of its name or the acronym
of the department e.g. JMC for Jose Maria College (Acronym) or Tam for Tamayong Department
(first 3 letters)
o BBB stands for the first 3 letters of the property name. Example Tab for table, Cha for chair, Com
for computer, Cam for Camera, AVR for automatic voltage regulator, UPS for uninterrupted power
supply, etc.
o 0000 represent for the date of acquisition or purchased of the property where the first two digits
stands for the month of purchase, and the last two digits stand for the year of purchase, example
0118 where 01 stands for the month of January and 18 stands for year 2018, or 0717 where 07
stands for the month of July and 17 stands for year 2017.
o 000:000 represents for first and last count of exactly the same property purchased.The first 000
represent the moving count of the items while the last 000 stands for the total number of the same
property. Example 001:010 it means that this particular property has 10 pieces or units of the same
specifications.
51. Rulein property coding or numbering
1
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ďąTo illustrate: Tam-Tab-0118-001:020.
o Looking at this property code, one could have the idea that the table (Tab) is purchased
by or issued to Tamayong Department (Tam) which was purchased in January 2018
(0118), and has a total number of 20 units (001:020).
o The first unit will have a property number of Tam-Tab-0118-001:20. The next unit will have
a property number of Tam-Tab-0118-002:020 and so on until it completed the last item
with a property number of Tam-Tab-0118-020:020
52. Rulein property coding or numbering
1
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ďą The benefits of having this property tag numbering or coding:
Indicating the Holder (Department)
o It can easily identify the property owner. If it is misplaced or lost somewhere in the
compound, it can help facilitate identify the property holder. Or if it is borrowed and not
returned for long period of time, it can help trace and locate the property. Or if it is
misused or not properly taken care, it can help identify the responsible holder of such
property.
Indicating the purchase date
o It can help trace the life span of the property which is important for Property Custodian.
It can also help whether such property is properly taken cared because if such property
has become unusable for a short a period of time, that means there is something wrong
of its use by the holder.
53. Rulein property coding or numbering
1
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Indicating the total number of quantity
o It is very useful to every Property Custodian in the monitoring of property status,
condition and location. At any given period of time, he can always verify the
completeness (total number of pieces or units) of such property through a random
inventory. It is easy to follow through a spot inventory of every property because of tag
numbering where the total number of units is indicated. By looking to any single unit of
such property he can always get the idea how many of these are in the compound even
if such property is already 5 years old or even more.
54. Rulein property coding or numbering
1
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ďą Property tagging considerations:
o For asset which consists of several parts such as computer desktop, the rule is to
label all the parts with same property tag number, example a computer desktop of 5
units with this property tag number, Tam-Com-0217-001:005. This tag number will
appear in all the computer desktop components. A typical computer desktop has
CPU (Central Processing Unit), monitor, keyboard and a mouse.
66. Give back all the Glory,
Honor and Thanksgiving to
our Almighty Father
Through His Appointed Son
Pastor Apollo C. Quiboloy
Editor's Notes
They are items that need to monitor and manage for the efficient operation of the Organization. Inventory items are recorded separately on the Stock Register and not on the Fixed Asset Register and are expensed at the time of purchase.