Equipment Acquisition - Loan

Definition

Loaned equipment - Equipment brought to the University for free use.  Even though no payment is involved, other costs such as insurance and repair costs may be incurred and need to be covered by a loan agreement that has been negotiated and signed by the appropriate departmental authority (department chair, director, or administrator).

Also included in this definition are exhibits and demonstration equipment.

Procedure

  • Department has the opportunity to borrow equipment from another entity for official University use and makes arrangements to do so.  All arrangements should be documented in writing by the appropriate departmental authority (department chair, director, or administrator) in the using department and should detail the University's responsibility for the equipment.
  • If the owner requires the University to provide insurance for damage or loss of the loaned or borrowed equipment, department contacts the Office of Risk Management in sufficient time to review the possible insurance needs and to acquire any necessary insurance.
  • Department receives the loaned equipment item.  If the equipment will be:
    • On loan for more than six months and cost $2,000 or more, within 3-7 days after receipt (unless prior arrangements are made with EIO), department tags asset and enters it into OASIS as a "T" status asset.  The item should be treated the same as a newly purchased piece of equipment.  Information to be entered should include:
      • UW Tag Number (contact your departmental inventory person)
      • Description
      • Manufacturer
      • Model
      • Serial Number
      • Custodian/User
      • Building
      • Wing
      • Room Number
      • Status (enter - T)
      • Requisition Number (enter 000000)
      • Accountable Budget
      • Total Cost
      • Class Code
      • Date Received
      • Acquisition method (enter - OL for On Loan)
    • On loan for more than six months and cost less than $2,000, the equipment should be monitored and accounted for separately by the receiving department.
  • For equipment over $2,000, Equipment Inventory reviews the OASIS entry for complete information and approves the asset.
  • Department retains copies of loan agreements.

Forms

Signed Loan Agreement

Optional - UW Equipment Information Form

 

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