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Business and Financial Policies and Procedures

Loan Equipment to Another Institution

Before You Begin

Equipment acquired with restricted, sponsored project funds may be loaned to another institution for a limited period under the following circumstances:

  • A former principal investigator of the University is employed by the other institution and his or her sponsored project is transferred, continued, or renewed at the other institution.
  • The equipment was purchased with sponsored project funds.
  • The equipment is essential to the continuation of the sponsored project.

Equipment that was purchased from other, non-restricted funding sources may also be loaned to another institution, regardless of whether a researcher accompanies the equipment.

Do not move any equipment until all these steps and approvals have been completed.

Begin

To loan equipment to another university:

  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.
  2. Determine funding source of the equipment.
  3. Complete the correct equipment loan agreement based on the funding source. On the schedule, list the equipment being loaned and attach it to the loan agreement form. Obtain approval signatures from your unit as required by the form.
  4. Obtain the signature of the receiving institution.
  5. Submit to UPAR. If the equipment was from a sponsored project, UPAR consults with your campus Grants and Contracts office to confirm the loan is permissible. They also obtain additional signature approvals and file the original form with the Board of Trustees as a contract.
  6. Eliminate data from electronic storage media before moving the equipment to the receiving institution unless required for sponsored research.
  7. Update the record in FABweb by entering an off-campus location code and a condition code of "L" (Loaned to Other University). If the equipment is accompanying a researcher, enter the UIN of the individual who holds custody of the item in the custodian field. At the end of the existing description add the words "Loaned to" followed by the institution name.
  8. When the loan period has expired, verify that the property has been returned to University premises and update the record in FABweb.

Forms Used in this Procedure

Sponsored Equipment Loan Agreement (restricted, sponsored project funds)
Equipment Loan to Institutions of Higher Education (non-restricted funds)
Equipment Loan to Institutions of Higher Education - Schedule

Related Policies and Procedures

Urbana Supplement Section 16.1.4, Equipment, Equipment Leases, and Expendable Supplies

Last Updated: April 21, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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