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.