Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 07/01/1996
Revised: 11/24/2020

 

OSU equipment is intended for use by the institution and is not to be used for private purposes. Loan agreement forms should be used for both capital and minor equipment.

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 University's Insurance, 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. 

Equipment Loaned to Faculty or Staff

Responsible Party Action
Department
  1. Complete a Property Loan Agreement: To Employees. Obtain the appropriate signatures that authorize the loan.
     
  2. For capital equipment (fixed assets) submit a copy of the loan agreement to Fixed Assets Property Management.
     
  3. Maintain the original on file in the department.
Fixed Assets 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.
Borrower
  1. Maintain and secure the property in a manner comparable to the maintenance and security provided by OSU. Be especially mindful to secure the equipment against theft.
     
  2. Notify the owning department when equipment is returned or if an extension is needed at the end of the loan period.
Department
  1. Notify Fixed Assets Property Management when capital equipment is returned and its new location.
Fixed Assets Property Management
  1. Update the inventory record to show the corrected location of the asset.