Loan and Use of Assets

Loan of University Capital or Non-Capital equipment to an employees, must have prior departmental approval. Employees who are using state equipment at home must complete a Property Loan Agreement Form that is kept on file at the departmental level. It is the responsibility of each owner department to insure that such paperwork is complete and up to date, and reported to Property Management.

The department property designee verifies the due date by initialing the form. The approved form is to be maintained by the department property designee and a copy is forwarded to Property Management. A copy is to be provided to the borrower. Upon return of the loaned item, the department property designee acknowledges receipt on the Loan form.

Loan of property is a decentralized process. The responsibilities are delegated to campus departments by the Property Management Office.

The appropriate administrator is responsible for approving all “off-campus” loans of property.

Department Property Officer

The department property officer is responsible for:

  • Processing and maintaining records for the loan of property (Loan Agreement Form), including the signing-off on department loans and acknowledging the return of loaned property;
  • Ensuring all loaned property is returned on or before the due date.
  • Confirming all loaned property is returned in good working order and condition.
  • Providing all loan of property records to the Property Management upon request for audit and physical inventory purposes and signing-off on any required Physical Inventory Certification forms.


The borrower (University employee or campus department) agrees to the following terms and conditions and signs the appropriate documentation based upon the type of loan:

  • Use the property in the best interest of the University and for University business purposes only.
  • Assumes responsibility for the custody of the property.
  • During the physical inventory process, to either bring in the property for physical view by the Property Management or to acknowledge the item is in their possession and in good working condition by signing-off on the Physical Inventory Certification form.
  • To replace the property if it is lost, stolen or damaged.
  • Immediately report to the University Police Department and the Property Management should the property on loan become lost, stolen or damaged.
  • Return the property by the agreed upon due date on the Off-Campus Loan form.
  • University property is not for personal use.
  • Upon separation from the University.

Upon separation from the University, an employee is to return all property. The department is responsible for ensuring all University property that has been issued to an employee is returned. The Property Management recommends that the appropriate administrator review the Department Property Check-Out log and Loan Agreement forms to confirm all property has been returned by the individual prior to signing-off on the Clearance Certificate.