Property Management Policy & Procedures Manual		PRO
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OSU PRO 702: Leased Equipment

Property Management Policy & Procedure Manual
Section 702: Leased Equipment
Effective: 07/01/1996
Revised: 09/10/2007

Purpose

To document and record equipment being leased to non-OSU individuals, businesses or institutions.

OSU owned equipment may be leased to outside organizations or individuals when leasing the equipment is in the best interest of the University.

Responsible Party	Action
Department	Download an OSU Owned Equipment lease Agreement form from the Inventory Control website. Complete and submit the Lease Agreement with the appropriate signatures (Department & Lessee) to the Contracts Office.
PaCC	Ensure lease agreement is properly completed. Forward a copy of the approved lease agreement to the leasing department and sends the original to Property Management.
Property Management	Update asset records to reflect asset's new location with text information regarding the lease. Maintain the original executed agreements at Property Management.
Department	Ensure that equipment is returned or lease agreement is renewed.

See PRO-Ex7: OSU-Owned Equipment Lease Agreement on how to complete a the lease agreement form.