OSU PRO 701-02: Equipment Loaned - To Other Institutions and Agencies

Purpose

To document and record equipment being loaned by OSU.

Top

Policy

The Property Management Office must approve all equipment loaned by OSU.  The loans require written approval from the Department Head, the OSU Vice Provost for Research (only for equipment valued over $25,000), the Principal Investigator/Borrower, and an authorized institutional representative of the borrowing institution.

Under certain circumstances, OSU-owned equipment that is not accountable to a current grant or contract may be loaned to another research institution for a cooperative research, educational, or extension effort for up to two years (renewable).  When a cooperative research loan expires, it must either be renewed or the equipment returned to OSU at the other institution's expense. 

Top

Procedure

Responsible Party	Action
Department	Contact Property Management to determine if asset(s) is eligible for loan and for advice prior to initiating an equipment loan. Download an Equipment Loan Agreement from Inventory Control website. Complete and submit the original Equipment Loan Agreement with the appropriate signatures to Property Management.
Property Management	Update asset records to reflect asset's new location with text information regarding the loan. Maintain the original executed agreements at Property Management.
Department	Ensure that equipment is returned or loan agreement is renewed. Note: The cooperative equipment loan is not always the best solution, and can be cumbersome.

Top