|Activity:||Equipment Loan - Faculty|
|Policy:||Off-Premise Capital Equipment Control, FIN-ACC-140|
|SOP:||CSOP 6.0 Equipment Loan|
CSOP 5.0 Tagging Moveable Equipment
CSOP 8.0 Capitalization of Moveable Equipment
|Things to Know:||All equipment purchased with University funds or grant funds is owned by the University or the granting agency. On grant-funded accounts, equipment cannot leave the University without permission of the Agency, approval of the Office of Research Administration (ORA) and Purchasing, and an approved KFS Equipment Loan document. The equipment is also required to be tagged before leaving the University. If the equipment is a capital asset, it should have a yellow Indiana University tag with a number starting with ‘IU’. If it is a non-capital asset, it should have a white Indiana University tag with a six-digit number.|
Example: If a retired faculty member needs a University laptop to conduct research on a grant off campus, the laptop can be loaned to them. Capital Asset Management requires a KFS Equipment Loan Document to be submitted and approved prior to the equipment leaving the University. The equipment continues to belong to the University, even though the faculty member is retired, and will have to be returned for disposal or disposition when research is completed.
Excerpts from CSOP 6.0 Equipment Loan:
"Initiation of the Equipment Loan/Return document is required when capital equipment is borrowed from Indiana University for more than thirty days and the equipment resides at a faculty or staff's personal residence. The loan document must be completed before the equipment is removed from the campus.
"The Equipment Loan/Return document allows organizations to issue loan documents for non-capital assets. However, this requires that the organization has created the non-capital asset within the Capital Asset Management System."
"View Capital Asset Management Module - Equipment Loan document on how to fill out an equipment loan/return document.
See CSOP 6.0 Equipment Loan a Capital Assets standard operating procedure for more details.
For questions, please send email email@example.com.