Oregon State University

206: Loan

Property Management Policy & Procedure Manual
Section 200: Equipment Acquisition
Effective: 03/01/1979
Revised: 05/22/2006

Purpose

To identify and record equipment loaned to OSU.

Background Information

Personal property brought on campus for the convenience of the employee and not required for institutional purposes will not be insured against loss or theft by OSU (paintings, pictures, stereos, etc.).  Property not under the specific control of the University will not be insured.

Definition

Control

Having the legal ability and responsibility to (i) direct the property's use and location, (ii) direct who may have access to it, and (iii) take possession of it.  State control cannot exist when the property is in the possession or control of the owner and the owner is not the state. 

Policy

Equipment may be loaned to OSU by individuals, organizations, institutions or research project sponsors.   Oregon State University assumes no responsibility for equipment on loan unless the user has submitted a Personal Property Loan Agreement form to Property Management.  If the form is not submitted, the Oregon Department of Administrative Services (DAS) Risk Management Division may not insure the equipment.  Property Management must approve all Personal Property Loan Agreements.  Loan agreements must be for a finite period of time not to exceed five years.

Faculty and staff members who use their personal equipment at university facilities do so at their own risk and are responsible for marking their property to indicate ownership. 

Departments may receive equipment loans from organizations or institutions with their own standard loan agreements.  All such loan agreements must be forwarded to the OSU Contracts Office for review.  Departments may only enter these agreements with the written approval of the Contracts Office.  Once approval has been obtained, the property is accounted for on the inventory and the agreement is filed at Property Management.

Some equipment is loaned by an agency or organization for use on a sponsored research project.  If the loaned equipment is from the sponsoring agency, we usually call this equipment "agency-owned."  Risk Management will insure sponsor-furnished property or government-furnished property.  See PRO-Ex11: Types of Federal Property for details.

When equipment loans accompany a PI from another university, these agreements must be documented and written approval must be obtained from Property Management.  When these agreements are in the form of contract modifications, the original copy is kept in Contract Administration.  For additional information, see PRO: 701: Loaned Equipment.

Procedure

Property Loaned for 90 Days or Less

Responsible Party Action
Borrowing Department
  1. Complete and submit a Personal Property Loan Agreement form to Property Management.
Property Management
  1. Review loan agreement. 
  • If approved - forwards it to risk Management.
  • If not approved - returns agreement to department with deficiencies noted.
Department
  1. Record loan under supplemental insurance policy.


Property Loaned for More Than 90 Days

Responsible Party Action
Borrowing Department
  1. Complete and submit the Personal Property Loan Agreement and Fixed Asset Data Entry forms to Property Management.
Property Management
  1. Review loan agreement. 
  • If approved - create fixed asset record and file the form and loan agreement.   
  • If not approved - return to department with deficiencies noted.


Additional Information

See the DAS Risk Management website.

Contact Info

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