Ex6A: Intra-Departmental Equipment Loan Agreement
Property Management Policy & Procedure Manual
Section 000: Introductory Material
The Intra-department equipment loan agreement is used to authorize and record the off-site OSU-related use of University-accountable property. The form should be completed and signed by the borrower and the department head before the property leaves its University location. The original form is to be filed by the department; a copy should be forwarded to Fixed Assets Property Management within Business Affairs. See PRO 701-01: Loaned Equipment To Employees for additional information on this type of loan agreement.
Complete the form as follows:
- Borrower: Enter the name of the person borrowing the equipment.
- Title: Enter the faculty rank or position.
- Off-Site Location: Enter the primary location where the property will be kept. Note: some equipment will not be kept at a specific location, but will accompany the employee on business.
- Justification for off-campus use: Explain why the equipment is needed off-campus.
- Inventory # (if applicable): Enter the inventory numbers of the equipment that will be removed from campus. If the item is not capital equipment, enter “none”.
- Description (include model#, serial# & condition): Enter identifying information for each piece of equipment that will be used off-campus.
- Borrower’s Signature: Employee must sign the form acknowledging that they have read the form and will abide by the terms of the agreement.
- Date: The employee should date the form.
- Department Name: Name of the Department responsible for the equipment.
- Period of Authorization (not to exceed two years) From and TO: The beginning and ending dates of the loan agreement. Equipment should not leave campus until this form is completed.
- Insurance: The department must complete the statement at the bottom of the form noting who will be responsible (Borrower or Owning Department) for; (1) the deductible, should the equipment be lost, stolen or damaged while in the custody of the borrower, and (2) any loss or damage due to perils not covered by the State insurance fund.
- Department Head Signature and Date: The Department Head must sign and date all loan agreements.