Artworks and artefacts comprise the following categories:
Artworks at Cost – Account 3167
Artworks at Valuation – Account 3159
Artworks are revalued every three years, with the next valuation due 2014.
Artworks or artifacts are capitalised upon acquisition regardless of their cost.
All Artworks and artifacts should be listed in the ESP Asset Management System (ESP).
When any artwork or artifact is purchased or donated, a record of the acquisition should be initiated, by the completion of the Artworks Acquisition form.
The acquisition form will record the full GST exclusive cost of the item as charged to the general ledger (nominating the charge location) OR the independent valuation of the item if donated under the DCITA Cultural Gifts Program (for CGP donations two valuations are obtained, and an average is brought to account). Other donations may not initially be valued in which case their value will be listed as $1.
The acquisition form will then go to F&BS, and where there is a secondary register, to the area that manages the secondary register (as noted on the acquisition form). Entry on ESP will be attended to by mutual arrangement between the business office and F&BS, depending on the nature of the acquisition.
A stocktake of artworks is undertaken every two years, under the direction of F&BS.
F&BS manage the stocktake of the University's art collection specifically. All other business areas and colleges are responsible for the stocktake of other collections and items in their areas.