Asset Protection Policy

Charity |

Purpose

The purpose of this Asset Protection Policy is to safeguard the assets of Coast Medic, ensuring they are used solely to achieve our charitable objectives and remain protected against loss, theft, misuse, or damage. This policy provides clear guidance to trustees, staff, and volunteers on their responsibilities regarding asset protection.

Scope of Policy

This policy applies to all physical, financial, intellectual, and digital assets owned or managed by Coast Medic, including but not limited to:

  • Cash and bank accounts
  • Vehicles, medical equipment, and office supplies
  • Intellectual property, including trademarks and copyrights
  • Digital assets such as databases and IT systems

Responsibilities

Trustees

Trustees are ultimately responsible for ensuring that all assets are properly safeguarded and used in accordance with Coast Medic’s charitable purposes. Trustees must:

  • Approve and oversee the implementation of this policy.
  • Ensure compliance with legal and regulatory requirements.
  • Monitor financial and operational risks related to asset protection.

Management and Staff

Management and staff are responsible for implementing asset protection procedures, including:

  • Maintaining accurate records of all assets.
  • Ensuring assets are properly used, stored, and maintained.
  • Reporting any issues related to asset loss, theft, or misuse.

Volunteers

Volunteers are responsible for safeguarding any Coast Medic assets entrusted to them and must comply with relevant procedures outlined in this policy.

Procedures for Asset Protection

Asset Inventory

  • Coast Medic will maintain a detailed inventory of all physical and digital assets.
  • The inventory will be reviewed and updated annually to ensure accuracy.

Security Measures

  • Physical assets will be secured in locked facilities, storage areas, or vehicles when not in use.
  • Access to sensitive digital assets and IT systems will require secure passwords and two-factor authentication.
  • Anti-theft measures, such as GPS tracking for vehicles and security cameras, will be implemented where necessary.

Insurance

  • Coast Medic will maintain comprehensive insurance coverage to protect against asset loss or damage.
  • Insurance policies will be reviewed annually to ensure adequate coverage.

Financial Controls

  • All financial transactions will require dual authorization by designated personnel.
  • Monthly bank reconciliations will be conducted to detect any discrepancies promptly.
  • Restricted funds will be tracked separately and used only for their intended purposes.

Maintenance and Repairs

  • Regular maintenance schedules will be established for all equipment and vehicles to ensure they remain in good working condition.
  • Repairs will be carried out promptly to avoid further damage or loss of value.

Disposal of Assets

  • Any disposal of assets must be authorized by the trustees and documented in writing.
  • Disposal will comply with legal and regulatory requirements, including ensuring that proceeds from asset sales are used for charitable purposes.

Risk Management

Coast Medic will identify and assess risks related to asset protection as part of its broader risk management framework. Risk mitigation measures will include:

  • Conducting regular risk assessments for physical, financial, and digital assets.
  • Implementing contingency plans to address potential asset losses, such as backup systems for critical data.

Incident Reporting and Investigation

  • Any incidents of theft, loss, damage, or misuse of assets must be reported immediately to the management team.
  • An investigation will be conducted to determine the cause and implement corrective measures.
  • Incidents will be reported to the trustees and, where appropriate, to relevant authorities (e.g., police, regulatory bodies).

Monitoring and Review

This policy will be monitored continuously and reviewed annually by the trustees to ensure its effectiveness. Updates will be made as needed to reflect changes in law, regulation, or the operational environment of Coast Medic.

Compliance

Failure to comply with this policy may result in disciplinary action, including termination of employment or volunteer status. Serious breaches may also lead to legal action.

Approval and Implementation

This Asset Protection Policy was approved by the Board of Trustees on 28/02/2024 and is effective immediately.