Schedule 5: Assets

This Schedule of the Standard Funding Agreement deals with the purchase and disposal of equipment and other capital assets.

Back to Funding: The Standard Funding Agreement

Contents: Schedule 1

• Heading
• Item 1: Assets Owned by the Territory
• Item 2: Assets Owned by the Organisation
• Item 3: Assets not to be Purchased with Funding Amount
• Item 4: Assets Register

Schedule 5

ASSETS

[Comment: Assets are defined in Clause 1: Definitions and Interpretation in the main body of the Standard Funding Agreement. Although this schedule mentions other types of assets, for the purposes of this agreement, assets are all items of equipment, furniture, vehicles, buildings, real property and leasehold improvements, which:

(1) are specified in Item 1 Schedule 5 (below); or

(2) have a value of $3000 or more and are purchased, leased or hired, wholly or partly with the Funding Amount.

The main part of the agreement that deals with Assets is Clause 11: Suspension and Termination. Assets are also mentioned in Clause 4: Funding Amount, Assets and GST, (particularly 4.3) and Clause 5: Organisation's Obligations (particularly 5.3(2))]

Item 1. Assets Owned by the Territory

(1) The following Assets remain the property of the Territory and on expiration or termination of this Agreement, will be delivered by the Organisation to the Territory or to a third party as directed by the Territory:

[LIST RELEVANT ASSETS - INCLUDING ANY RELEVANT ASSETS PURCHASED WITH TERRITORY FUNDS PRIOR TO THE DATE OF THIS AGREEMENT or specify as "NOT APPLICABLE"]

(2) The Territory will bear the following obligations in respect of the Assets listed in Item 1(1):

[EXAMPLES ONLY: PARTIES TO NEGOTIATE Item 1(2) details and NOTE: IF (a) and (b) apply for Item 1(2), they won't apply for Item 1(3)

Organisation obligations

If no Assets listed in Item 1(1) insert "NOT APPLICABLE"

(a) repair and maintenance, and

(b) insurance.]

(3) The Organisation will bear the following obligations in respect of the Assets listed in Item 1(1):

[EXAMPLES ONLY: PARTIES TO NEGOTIATE Item 1(3) details and NOTE: IF (a) and (b) apply for Item 1(3), they won't apply for Item 1(2) - Territory obligations

If no Assets listed in Item 1(1) insert "NOT APPLICABLE"

(a) repair and maintenance,

(b) insurance, including where relevant, comprehensive third party motor vehicle insurance, and

(c) deal with and supervise the use of the Assets in a way that causes no injury, loss or damage to any person (whether a Service User or not) or property during the Agreement Period,

(d) security of the Assets at the Premises.]

Item 2. Assets Owned by the Organisation

The following Assets remain the property of the Organisation and the Organisation must at its cost maintain, store, insure and in every respect control, deal with and supervise the use of the Assets in a way that causes no injury, loss or damage to any person (whether a Service User or not) or property during the Agreement Period:

[LIST RELEVANT ASSETS or specify as "NOT APPLICABLE"]

Item 3. Assets not to be Purchased with Funding Amount

(1) The following assets will not be purchased with the Funding Amount but may be leased or hired by expending the Funding Amount:

[INSERT RELEVANT ASSETS or specify as "NOT APPLICABLE" ]



NOTE: CONSIDER WHO BEARS MAINTENANCE, INSURANCE & OTHER COSTS IF ASSETS ARE HIRED

(2) The following assets will not be purchased, leased or hired with or expending any part of the Funding Amount:

[INSERT RELEVANT ASSETS or specify as "NOT APPLICABLE"]

Item 4. Assets Register

The Organisation will maintain an assets register which identifies all Assets and will be supported by receipts or other documentation which evidence the purchase. The register will be maintained throughout the Agreement Period.

The Organisation will provide the Territory with access to the assets register on the request of the Territory.


Back to Funding: The Standard Funding Agreement

This website does not constitute legal advice. ACTCOSS does not warrant or guarantee the currency, accuracy or completeness of information contained on this website. For further information, read our disclaimer.