Loaned equipment is when equipment is brought to the University for use free of charge. While no payment for the equipment is involved, other costs such as shipping, insurance and repair costs may be incurred and need to be covered by a loan agreement that has been negotiated and signed by the appropriate departmental authority (department chair, director, or administrator).
Also included in this definition are exhibits and demonstration equipment.
- Department has the opportunity to borrow equipment from another entity for official University use and makes arrangements to do so. All arrangements should be documented in writing by the appropriate departmental authority (department chair, director, or administrator) of the using (borrowing) department and should detail the University's responsibility for the equipment.
- If the owner requires the University to provide insurance for damage or loss of the loaned or borrowed equipment, department contacts the Office of Risk Management in sufficient time to review the possible insurance needs and to acquire any necessary insurance.
- Department receives the loaned equipment item. If the equipment will be:
- On loan for more than six months and cost $5,000 or more, within 3-7 days after receipt (unless prior arrangements are made with EIO), department tags asset and enters it into OASIS as a "T" status asset. The item should be treated the same as a newly purchased item of equipment. Please see this page for details on the tagging process.The Requsition Number should be '0000000'. The Acquisition Method should be 'OL' for On Loan.
- On loan for more than six months and cost less than $5,000, the equipment should be monitored and accounted for separately by the receiving department.
- For equipment over $5,000, Equipment Inventory reviews the OASIS entry for complete information and approves the asset. If incomplete, additional information will be needed and EIO will follow up with the department accordingly.
- Department sends a copy of the loan agreement to EIO and retains a copy for their department file.