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Business and Financial Policies and Procedures

Loan Equipment to Another Unit

Before You Begin

Units are encouraged to share equipment. When equipment is loaned to another unit for more than one academic session, the unit must report this to University Property Accounting and Reporting.

Begin

To loan equipment to another unit:

  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. If the equipment is from a sponsored project, notify your campus Grants and Contracts Office.
  3. The originating and receiving unit sign a Shared Usage Agreement form and retain their own copy.
  4. Eliminate data from electronic storage media unless required for sponsored research.
  5. In FABweb, update the location code and add the actual location to the end of the existing description.

Forms Used in this Procedure

Shared Usage Agreement

Last Updated: June 1, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: June 2011

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