Property Management Policy & Procedure Manual
Section 701: Loaned Equipment
Effective: 03/01/1979
Revised: 11/05/2019

 

Equipment may be loaned to OSU by individuals, organizations, institutions, or research project sponsors. Equipment loaned to OSU must be for official institutional purposes and the use must be directed by OSU Officers, Managers, or Representatives.

OSU does not accept responsibility for personally owned equipment that is lost or stolen.  However, if personally owned property is being used for University business, generally the property will be covered by University Insurance.  Exceptions include stereo equipment, radios, pictures, paintings, fans, and general property not to be used for University purposes.

Faculty and staff members who have personally owned equipment at University facilities are encouraged to take the following precautions to avoid the possibility of its being mistaken for OSU equipment:

  • Mark the equipment for identification of ownership.
  • Provide the department head with a list of personally owned equipment used for University purposes.

Should confusion arise, proof of ownership will lie with the individual, not with OSU. See the Department of Public Safety website for additional information and services.

Units may receive equipment loans from organizations or institutions with their own standard loan agreements. All such loan agreements must be submitted to Contract Services via BennyBuy for review. Departments may only enter these agreements through review and signature of the Contract Services Office.

Some equipment is loaned by an agency or organization for use on a sponsored research project. If the loaned equipment is from the sponsoring agency, we usually call this equipment "agency-owned." Risk Management will insure sponsor-furnished property or government-furnished property. See PRO-Ex11: Types of Federal Property for details.

If the loaned equipment does not come with a loan agreement from the lending organization or individual, the "Property Loan Agreement - To OSU" must be used.

Procedure

Responsible Party Action
Department
  1. Download the Property Loan Agreement - To OSU form (if an agreement is not provided by the lending organization).
     
  2. Complete and submit the Loan Agreement with the appropriate signatures (Department & Loaner) to Procurement and Contract Services via BennyBuy (in the Contracts menu, choose Request, then Submit Contract Request).
     
  3. Maintain the original copy of the executed Loan Agreement.
     
  4. Ensure that equipment is returned or loan agreement is renewed.