Loaned Equipment

When equipment is loaned to or borrowed by the University for official use, all arrangements should be approved in writing by the appropriate authority (department, chair, director) in the using department.  If the owner requires the University to provide insurance for damage to or loss of loaned or borrowed equipment, the Office of Risk Management should be contacted in sufficient time to review the possible insurance needs and to acquire any necessary insurance.  

Equipment furnished or loaned to the University from the federal government for periods extending longer than six months and costing $5,000 or more must be tagged and inventoried in OASIS upon receipt.  Items received costing less than $5,000 should be monitored and accounted for separately by the receiving department.  Equipment Inventory can supply each department with "federally owned" tag to be affixed next the state of equipment tag applied by University departments.  Please see Equipment Tagging for more information.

Departments must retain file copies of the loan agreements. Please see Equipment Acquisition - Loan for more detailed information.