A. Loans of University Equipment from One Department to Another

If equipment is loaned to another department for a short period, a memorandum of the transaction should be filed in the lending department. If the period of the loan exceeds one year, it should be reported to Equipment Management on an Equipment Inventory Modification Request (EIMR) form by the lending department, giving the name of the borrowing department, the property number, and the new location of the equipment.

When the loan is terminated, Equipment Management must be advised by the lending department.

B. Loans of University Equipment to External Organizations or Private Individuals

Loans or assignments of University equipment to external organizations or individuals for the purpose of instruction, demonstration, research, general University support, or other activity associated with the University are permissible provided a written loan agreement between the department head (or the department business officer) having official custody of the equipment and the borrower is executed. The Equipment Assignment form should be used for this purpose.

The Equipment Assignment form, signed by the department authority and the user, must be forwarded to Equipment Management for final approval and recording. Two copies of the completed agreement will be returned to the lending department. One copy should be retained in the department; the other copy should accompany the borrower and the equipment.

When loaned equipment is returned, the lower section of the Equipment Assignment form should be completed and returned to Equipment Management.

Should this procedure prove impractical or unusual circumstances are involved, contact Equipment Management, 824-6111 for assistance.

Insurance coverage is highly recommended on loaned equipment. The University's personal property insurance program and procedure for requesting coverage are discussed in Section 711.

C. Loans of Equipment to the University from Nongovernment External Organizations

Loans of equipment for demonstration or approval purposes are not recorded by Equipment Management. However, such loans should have the prior approval of Purchasing.

The University does not insure equipment on loan unless required by the lender. If insurance is required, it is at the department's expense (see Section 711). An Equipment Loan Agreement form is available for use in reporting equipment loan agreements between departments of the University and external agencies or individuals (other than agencies of the federal government).

D. Intercampus Loans of Equipment

Intercampus loans of equipment require the prior approval of the campus officer delegated authority by the Chancellor to control equipment and should be reported to Equipment Management. Loans of one year or more are recorded on inventory records. Intercampus loans are recorded by the borrowing campus on an appropriate form.

Intercampus loans are reported to the borrowing campus in the same manner that intercampus transfers are reported (BUS-29, Section L, I., D., 2).