Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 07/01/1996
Revised: 11/05/2019

 

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. Additional two-year agreements may be initiated, if the equipment needs to be on loan for more than two years.

Equipment loans must be properly documented by completing the approved OSU Property Loan to Other Institutions and Agencies form in Ex6B 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 and Contract Services (within PCMM). Loan agreement forms should be used when either capital or minor equipment is loaned out to another research institution.

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 Management when appropriate.

Procedure

Responsible Party Action
Department
  1. Contact Fixed Assets Property Management within Financial Accounting & Analysis (FA&A) to determine if the capital asset is eligible to loan and for advice prior to initiating an equipment loan.
     
  2. Download a Property Loan Agreement.
     
  3. Complete and submit the Property Loan Agreement with the appropriate signatures to Procurement and Contract Services via BennyBuy (in the Contracts menu, choose Request, then Submit Contract Request).

Fixed Assets Property Management

  1. If the equipment is a capital asset, update Banner FIS records to reflect asset's new location with text information regarding the loan.
     
  2. Maintain a copy of the original executed agreement processed through Procurement and Contract Services.
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.