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MALAWI UNIVERSITY OF SCIENCE AND TECHNOLOGY (CONSULTING SERVICES – INDIVIDUAL SELECTION)
Date of Issue: 7th August, 2024
Assignment Title: Valuation of Malawi University of Science and Technology Assets and preparation of a complete Asset valuation Report.
Reference No.: MUST-2289-SC-INDV.
1. Introduction
Asset valuation is essential for financial reporting. Accounting standards require organisations to report the value of their assets in their financial statements, such as the balance sheet.
This information is used by stakeholders to evaluate the organisation’s performance, financial stability, and growth prospects.
The Malawi University of Science and Technology (MUST) has allocated resources in the Financial Year 2023/24 for implementing various programmes at the University.
The University intends to use a portion of the funding to make eligible payments for individual consultancy services for valuing university assets.
2. The objective of the Assignment
The main objective of this asset valuation consultancy exercise is to establish the fair market value of MUST’s assets. This will include evaluating the value of physical assets such as university land, building, furniture, plant and equipment, laboratory equipment, motor vehicles, and library books In general, the primary purpose of this asset valuation is to offer a detailed and impartial assessment of MUST’s assets, which allows stakeholders to make well-informed decisions.
3. Specific Objectives
3.1 Identify and describe the assets to be valued, including their location, age, condition, and any relevant speci-fications. additionally assess their condition, functionality and any necessary repairs
3.2 Conduct a physical inspection of the assets, including any necessary tests or examinations.
3.3 Determine the fair market value of each asset, using appropriate valuation methods and techniques with reasons for adopting them. The valuation is required to be supported by appropriate documentation setting out the underlying methodology, process and evidence used to produce the valuation. This needs to be referenced back to the underlying accounting standards and best practices and demonstrate full compliance with all aspects of the prescribed requirements.
3.4 The list of assets to be valued includes University land, buildings, furniture, plant and equipment, laboratory equipment, motor vehicles and library books.
3.5 When dealing with complex assets, it is advisable to engage a certified appraiser to conduct an independent valuation.
4. Qualifications and Experience:
4.1 At least a Bachelor’s degree in Land Economy/Estates Man-agement/Real Estates or related relevant fields, and must have a minimum of 3 years of professional experience.
4.2 The valuer should be registered with the Land Economy Surveyors, valuers, Estates Agents and Auctioneers Board.
4.3 Provide a list of previous Asset valuation exercises and their estimated values.
4.4 Provide a comprehensive list of current and ongoing as-signments, including their respective status of completion.
4.5 The valuer shall be independent and impartial, with no conflict of interest.
4.6 The valuer shall conduct the assignment in accordance with relevant professional standards and ethics.
4.7 The valuer shall maintain confidentiality and not disclose any information related to the assignment without prior consent
4.8 Excellent oral, written, and presentational skills in English.
5. Terms of Reference
This invitation includes detailed terms of reference containing the scope of the assignment, required qualifications and skills, and all relevant information.
6. Deliverables and Outputs of the Assignment
By the end of the assignment, the consultant shall achieve the following deliverables and outputs:
Table 1: Deliverables and Outputs
| S/N | Deliverable | Outputs |
| 1. | Deliverable 1: Inception Report, acceptable to the Client; that clearly illustrates how the assignment shall be executed by detailing the methodology for undertaking the assignment and a work plan, and proposals for presenting the assessment results in a concise manner.This inception report shall show the valuation technique for each asset in the scope of work that is acceptable to MUST. The inception report will be presented to MUST before being signed off | 2 printed copies of the Inception Report1 Flash Disk with soft copy of the Inception Report |
| 2 | Deliverable 2: (a) DraftValuation Reports with output of the valuation and acceptable to the Client | 2 printed copies of Draft Final Report1 Flash Disk with soft copy of Draft Final Report. |
| 3. | Deliverable 3: Final Valuation Report shall be signed by a Certified Valuer and shall include:1. The signed original report setting out the process, results, limitations, qualifications of the valuer, valuation certificate, summary data etc 2. Valuation should be based on the open market values as at 3Ist March 2024. 3. Valuation should be in line with requirements of IFRS that requires Investment Property to be reported on the closing date at Fair Value. 4. Methodology (Detailed workings on the derived values) used for purposes of verification of the reported figures for audit purposes. | 3 printed copies of1 Flash Disk with soft copy of Report |
7. Terms of Reference.
Detailed terms of reference containing the scope of the assign-ment, required qualifications and skills, and all relevant information may be obtained from the address below.
8. Mode of Application
A Consultant will be selected using the Individual Consultant (INDV) selection method set out in the Procurement Regulations.
Further information can be obtained at the address (a) below during working hours from 08:00-12:00 and 13:00-16:00 hours local time (Monday to Friday) except National Public Holidays.
Expressions of interest, including updated curriculum vitae, copies of academic and professional qualifications, must be delivered in written form to the address below (in person or by mail or by e-mail) by 10.00 hours on 21st August 2024.
(a) Address for Clarifications, Collection of Detailed Terms of Reference and EOl submission:
Internal Procurement and Disposal Committee,
Malawi University of Science and Technology,
Р.О. Вох 5196,
Limbe Malawi.
Email: ctewete@must.ac.mw
Copy. jmuheka@must.ac.mw
lmbwana@must.ac.mw
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