| Equipment removed from university premises for a period of thirty-one (31) days or more must have appropriate approvals signified by completion of an Equipment
Loan Return Document in the Financial Information System, or the equivalent paper Equipment Loan Form. Paper froms will be maintained on file at the Campus Capital Asset Office.
Responsibilites of the organization for loaned equipment are 1) performing the physical inventory of the equipment. 2) tagging the equipment before it leaves the premises. 3) making the necessary arrangements to insure the equipment.
If the organization waives insurance coverage and there is a loss, the organization is liable.
4) paying insurance premiums. 5) keeping accurate inventory records of equipment on loan for a period less than thirty-one days.
The responsibilities of the borrower are: 1) timely return of equipment and the completion of an Equipment Loan Return document. 2) Obtain proper approval for equipment on loan.
If the borrower takes the equipment without proper authorization and there is a loss, the borrower will be personally responsible for replacement of the equipment.
Approval:
The fiscal officer, account manager or delegate.
Equipment Loan Request Documents must be renewed every two years, until the equipment has been returned to the campus premises. This renewal includes the full process of approvals as outlined above.
Equipment Loan Request Documents must be renewed every two years, until the equipment has been returned to the campus premises. This renewal includes the full process of approvals as outlined above.
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