Group of Eight Australia
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Module 8: Project Closeout

2.4 Acquittal of assets and materials

When closing a project, equipment and research material must be acquitted appropriately. Therefore there must be a closure of assets, i.e. equipment that has been purchased by the client/sponsor should be either handed back to the client or handed over to a project they specify. The asset needs to be handed over in a functional state that is similar to when the asset was taken over, taking into account normal wear and tear. If the equipment is not functional or broken it needs to be repaired to return it to a functional state. If the granting agency does not want the physical asset returned it may need to be sold and the proceeds from the sale returned to the agency, if that is what was specified in the agreement.

Generally granting agencies, sponsors and industry clients have policies about the disposal or return of project materials to their rightful owners. These rules must be complied with. They are usually listed as annexes to the funding agreement. If there is no mention about how to dispose of materials, the relevant intra-university policies apply and must be adhered to. It is important that a record is kept about:

  • Who authorised disposal of materials on a project
  • The method of disposal
  • Any other information about the disposal of assets and materials
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