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Business and Financial Policies and Procedures

12.3.7 Loan Equipment to Faculty, Staff, or Student Employees

Policy Statement

Equipment loans to faculty, staff, or student employees must be to further the unit's mission, not for the convenience of the employee. Employees who have been loaned equipment are responsible for its safe keeping. The unit head retains custodial responsibility for the equipment. Equipment loans must be documented for all Banner tagged and tracked equipment on the University of Illinois System inventory. Units can include equipment not on the system Banner inventory on the loan forms at the unit’s discretion.

Procedure

To loan equipment to faculty, staff, or student employees:

  1. Consult Banner Fixed Assets for all Banner tracked equipment to confirm that your unit is on record as the responsible organization for the equipment to be loaned and that it is titled to the state of Illinois. Confirm any equipment not tracked in Banner is not titled to another federal, state, or corporate entity.
  1. If your unit is loaning equipment for less than one academic term either complete the Equipment Loan to Employees and Students form and retain it in your unit, or design and use a sign-out sheet as the loan agreement form.
The unit designed sign-out loan sheet should be used on a short-term basis, or as part of a documented business continuity plan. The sign-out loan sheet must contain the borrower's name, the borrower's signature or acknowledgement, a description of the equipment, the property control (PTag) number (or serial number if not recorded in Banner Fixed Assets), the date borrowed, and the date returned.
  1. If your unit is loaning equipment for more than one academic term, complete the Equipment Loan to Employees and Students form and retain it in your unit. Update the record in FABweb by entering an off-campus location code, a condition code of "E" (Loaned to Faculty/Staff/Student), and the UIN of the person who holds custody of the item in the custodian field. Add the actual location to the end of the existing description
  1. Retain all forms and sign-out sheets so they are available for review by internal or external auditors and University Property Accounting and Reporting (UPAR) staff.

When the agreement expires, it may be extended for additional terms, provided the extension is properly documented and authorized by both parties initialing an existing Equipment Loan to Employees and Students form.

Forms Used in this Procedure

Equipment Loan to Employees and Students
    Instructions to complete the above form

Related Policies and Procedures

12.2.3 Comply with Unit Head Property Custodial Responsibilities
12.2.7 Assess an Employee for Missing or Damaged Equipment

Last Updated: March 19, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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