700 Equipment Loaned and Leased

701 Loaned Equipment

701-01: To Employees

Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 07/01/1996
Revised: 09/10/2007

Purpose

To document and record equipment being loaned to faculty or staff.

Policy

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. 

Procedure

Equipment Loaned to Faculty or Staff

Responsible Party Action
Department
  1. Complete an Intra-Department Loan Agreement available at Inventory Control website. Obtain the appropriate signatures that authorize the loan.
  2. Submit a copy of the loan agreement to Property Management and maintain the original on file in the department.

Property Management

  1. Update the inventory record to show the new location of the equipment, with an entry in the text field identifying who is borrowing it, where it will be housed, and how long it will be on loan.
Department
  1. Notify Property Management when equipment is returned and of its new location.
Property Management
  1. Update the inventory record to show the corrected location of the asset. 

Additional Information

See PRO 206: Equipment Acquisition - Loan for related information.

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

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

Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 07/01/1996
Revised: 09/10/2007

Purpose

To document and record equipment being loaned by OSU.

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. 

Procedure

Responsible Party Action
Department
  1. Contact Property Management to determine if asset(s) is eligible for loan and for advice prior to initiating an equipment loan.
  2. Download an Equipment Loan Agreement from Inventory Control website.
  3. Complete and submit the original Equipment Loan Agreement with the appropriate signatures to Property Management.

Property Management

  1. Update asset records to reflect asset's new location with text information regarding the loan.
  2. Maintain the original executed agreements at Property Management.
Department
  1. 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.

701-03: Loaned Equipment - To OSU

Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 03/01/1979
Revised: 09/19/2014

The Fixed Assets Property Management Office must approve all equipment loaned to OSU.  Equipment loaned to OSU must be for official institutional purposes and the use must be directed by OSU Officials, Managers, or Representatives.

OSU does not accept responsibility for personally owned equipment that is lost or stolen.  However, if personally owned property is being used for University business, generally the property will be covered by Risk Management.  Exceptions include stereo equipment, radios, pictures, paintings, fans, and general property not to be used for University purposes.

Property Control suggests that individuals who have personally owned equipment on campus take the following precautions to avoid the possibility of its being mistaken for OSU equipment:

  • Mark the equipment for identification of ownership.
  • Provide the department head with a list of personally owned equipment being used for University purposes.

Should confusion arise, proof of ownership will lie with the individual, not with OSU.

Procedure

Responsible Party Action
Department
  1. Download a Personal Property Loan Agreement form.
  2. Complete and submit the original Personal Property Loan Agreement with the appropriate signatures (Department & Loaner) to Fixed Assets Property Management.

Property Management

  1. If the equipment loan is for less than 90 days, forward the Personal Property Loan Agreement form to the OSU Risk Management Office and the item will be insured under supplemental insurance.
  2. If the equipment loan is for more than 90 days, an asset record will be created and a bar code tag will be generated for the equipment.
  3. Maintain the original executed agreement at Fixed Assets Property Management.
Department
  1. Ensure that equipment is returned or loan agreement is renewed.


Additional Information

See PRO 206: Equipment Acquisition - Loan for related information.

See the Department of Public Safety & Oregon State Police website for information on how to identify your personal items through the "Operation ID" program.

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.

Policy

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

Procedure

Responsible Party Action
Department
  1. Download an OSU Owned Equipment lease Agreement form from the Inventory Control website.
  2. Complete and submit the Lease Agreement with the appropriate signatures (Department & Lessee) to the Contracts Office.

PaCS

  1. Ensure lease agreement is properly completed.
  2. Forward a copy of the approved lease agreement to the leasing department and sends the original to Property Management.
Property Management
  1. Update asset records to reflect asset's new location with text information regarding the lease.
  2. Maintain the original executed agreements at Property Management.
Department
  1. Ensure that equipment is returned or lease agreement is renewed.

Cross Reference

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