Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
To document and record equipment being loaned to faculty or staff.
OSU equipment is intended for use by the institution, and is not to be used for private purposes.
Deans, Department Heads and Directors must authorize all equipment loans to their employees. Authorization must occur prior to the employee taking possession of the equipment. The borrower is expected to maintain and secure this property when in the borrower's custody.
The equipment loan must be for a finite period of time not to exceed TWO years, though renewal is possible with the written consent of all parties. The department head and the borrower will determine who will be responsible for the deductible in the event of a loss. The borrower may be held financially responsible for any perils not covered by the State Insurance Fund, or for any loss or damage due to the negligence of the borrower. The borrower may be asked to produce the equipment for inspection upon request.
Responsible Party Action Department
See PRO 206: Equipment Acquisition - Loan for related information.