A. Privately Owned Equipment

1. If personal property is kept on campus for use in University activities:
   1. The borrowing UCI department/unit (Borrower) must be complete an Equipment Loan Agreement for UCI Borrowing Equipment from Third Party (Equipment Loan Agreement.) The Borrower is responsible for:
      • obtaining the signatures of the Lender and appropriate Department Chair/Director;
      • obtaining the Lender’s Certification of Insurance (COI) in consultation with Risk Services, as necessary, to ensure compliance with UC’s Insurance Policy; and
      • forwarding the signed Equipment Loan Agreement and COI to the UCI Equipment Manager at equipment-management@uci.edu.
   2. The Equipment Manager will assign an Equipment Loan Agreement Number to the executed loan agreement and email a copy to the equipment Borrower, copying the Department Chair/Director, the Lender, and Risk Services.
   3. Personal property (equipment) being used on campus should be identified by the equipment Borrower with a label to include "Personal Property of____________________."
   4. Personal property shall not be repaired at University expense.
2. When loaned items are returned, the equipment Borrower shall notify all parties of the return and reference the Equipment Loan Agreement Number.

B. Acquisition of Surplus Property

All equipment items acquired from the State Education Agency for Surplus Property and assessed by that organization at a fair value of $5,000 or more are recorded on inventory records.

Surplus equipment is recorded at the fair value figure shown on the invoice. If the amount is not shown, Equipment Management will assign a value according to the schedule the state uses to calculate fair market value.

If initial repairs are necessary to put the equipment into operating condition, the cost is added to the value of the equipment.

Surplus property directly charged to government contracts, or indirectly charged as an element of the use allowance, is recorded at the cost figure computed on the basis of actual expense of acquisition plus the costs of handling and rehabilitation.

C. Collections of Art and Scientific Objects

1. See UC Business and Finance Bulletin, BUS-29, Sections III.G.2 and V.E.2.
2. UCI Equipment Management:
   1. Has assigned one property number to all the Institute and Museum for California Art (IMCA) collection. IMCA is responsible for maintaining a detailed inventory of its collection and notifying Equipment Management of the value of any additions to or deletions from its collection (whether loans, donations, or acquisitions.)
   2. Assigns individual property numbers to other departments’ artworks or scientific collections with the exception of the Library’s collections.

D. Inventorial Equipment - Exceptions

1. Firearms, regardless of cost, are considered inventorial.
2. Property acquired under contracts and grants can have award specifications that establish an inventorial threshold that is less than $5,000 or can dictate that specific property be considered inventorial regardless of property’s value (Consult specific agency guidelines and contract provisions for exceptions to cost limitation).
3. Per UC Business and Finance Bulletin, BUS-29, Section III. A, each University location may establish local policies more restrictive than those set forth in the Bulletin. University of California Irvine campus departments shall:
   • establish local guidelines to govern the control of theft-sensitive items, including but not limited to computing devices acquired with federal funds (items costing less than $5,000) that are not recorded in the KFS Capital Asset Management System;
   • record these items in an internal campus department tracking log (see sample Theft Sensitive Equipment Tracking Log); and
   • conduct an inventory annually.
   These items should be expensed and not capitalized in the year purchased.