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Business and Financial Policies and Procedures

Loan Equipment to Faculty, Staff, or Student Employees

Before You Begin

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.

Begin

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

  1. Consult Banner Fixed Assets 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.
  1. If your unit is loaning equipment for less than one week, design and use a sign-out sheet as the loan agreement form.
The loan sheet must contain the borrower's name, the borrower's signature, 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 week, complete the Equipment Loan to Employees and Students form and retain it in your unit. If your unit is loaning equipment for more than one academic term:
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

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

Last Updated: July 22, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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