Oregon State University

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

Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 07/01/1996
Revised: 09/30/2014

OSU-owned equipment may be loaned out to another research institution if the purpose of such a loan is for use in cooperative research, educational, or extension efforts and provided such equipment is not accountable to a current research grant or contract.  The length of such a loan shall not exceed two years and the equipment must be returned to OSU upon expiration of the loan period.

Equipment loans must be properly documented by completing the approved OSU Personal Property Loan to Private template and obtaining signatures approving the transaction from the Department Head or his designee with departmental budgetary authority, the authorized representative of the borrowing institution, and Procurement, Contract, and Materials Management (PCMM).

The borrowing institution assumes all cost to ship or otherwise transport OSU’s equipment to and from OSU to its intended place of use including assuming all cost for loss or damage to OSU’s equipment that may occur while equipment is in transport. 

The OSU Department remains responsible for the whereabouts of OSU equipment it loans to other institutions and to report any changes in custody, loss, damage, etc. to Business Affairs Property Management and the Risk Office when appropriate.

Procedure

Responsible Party Action
Department
  1. Contact Business Affairs/Fixed Assets Property Management to determine if the asset is eligible to loan and for advice prior to initiating an equipment loan.
  2. Download a Personal Property Loan Agreement.
  3. Complete and submit the original Personal Property Loan Agreement with the appropriate signatures to PC-MM.

Fixed Assets 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 PCMM.
Department
  1. Ensure that equipment is returned at the end of the loan period.
  2.  Assess and record the condition of the equipment.
  3.  Notify Fixed Assets Property Management by e-mail that the asset has been returned and provide information regarding where it will be stored.
Fixed Assets Property Management
  1. Update asset records to reflect asset's new location with text information regarding return of the equipment.

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