Effective Date: 7/1/2016
Last Revised: N/A
Responsible Party: Karen Crosby
Persons Affected: CHM Deans, Chairs, Directors, Department Administrators or Designees
I. POLICY/PURPOSE
To further the mission and goals of MSU and CHM, CHM may borrow equipment or property from another party (“partner”), and CHM may loan its equipment or property to a partner.
Loans of CHM equipment or property are generally for no more than one year, but in no case may property or equipment be loaned for more than two years. At the conclusion of two years, if the partner desires to extend the loan, the equipment or property must be returned to CHM and may be loaned out again provided that a new Limited Loan Contract is fully executed by both CHM and the partner. The terms of the Limited Loan Contract are not negotiable.
In all cases of loaned or borrowed equipment, the CHM party authorized to initiate the transaction is responsible for retention, tracking and monitoring the contract and for facilitating resolution to any issues related to the Property loaned or borrowed.
II. DEFINITIONS
2.1 Contract: in general any written document or form with terms and conditions creating obligations or responsibilities binding upon and accepted by the contracting parties, as evidenced by the signatures of those authorized to bind their respective party(ies) to the contract. “Contract” as used in this policy also includes amendments.
For purposes of this policy, there are two types of contracts used (and attached to this policy for reference): 1) Consignment/Non-Cash Gift Form for the situation in which a partner loans equipment or property to CHM (“Borrowing Contract”) or 2) Limited Loan of Michigan State University College of Human Medicine Equipment/Property for the situation in which CHM loans its equipment or property to a partner (“Limited Loan Contract”).
2.2 Loaned Item: for purposes of this policy, any asset, personal property, equipment, or other such item that is owned or controlled by a partner, excluding real property (i.e., land).
2.3 Property: for purposes of this policy, any CHM-owned or MSU-owned asset, personal property, equipment, or other such item that is subject to MSU control and which is in the possession of CHM, excluding real property.
III. PROCEDURE FOR LOANING PROPERTY
3.1 CHM party with authority to authorize a loan to a partner:
- Provide the Limited Loan Contract to the borrower and ensure the following sections of the Limited Loan Contract are completed:
• Borrower – name of partner and its address with phone number
• Dates of Loan Term
• Borrower Signature Block
• Exhibit A Fields - Record this transaction and upload a copy of the signed Limited Loan Contract (including all attachments or exhibits) in the MSU Capital Asset Management Finance System consistent with the MSU Manual of Business Procedures and MSU Capital Asset Management procedures/instructions (see section “Capital Asset Management” via https://usd.msu.edu/capital-asset-management/index.html, current as of August 25, 2016).
- Provide a copy of the signed Limited Loan Contract to the Borrower. Retain the Limited Loan Contract, monitor and track the contract and the loaned property or equipment, and facilitate resolution of all issues related to the Property.
IV. PROCEDURE FOR BORROWING PROPERTY
4.1 CHM party with authority to borrow property from a partner:
- Complete the Borrowing Contract in accordance with the consignment process currently outlined in the MSU Manual of Business Procedures Sections 224 and 315 (current as of August 25, 2016).
- Retain a copy of the Borrowing Contract, track and facilitate resolution of all issues related to the Property in accordance with the MSU Manual of Business Procedures.
V. PROCEDURE FOR ON-CAMPUS TRANSFERS
5.1 CHM party with authority to loan or borrow MSU property to/from another MSU department or college:
- Conduct the transaction in accordance with the MSU Manual of Business Procedures Section 224 (see also information provided by MSU Capital Asset Management).
VI. RESOURCES
6.1 For assistance with questions or concerns specific to this policy, contact one of the following:
- Michael Braem, JD – Contract Administrator, CHM
- Glenn DeYoung – Financial Manager, Capital Asset Management
- Kate Taylor, MPA – Simulation Manager, CHM
DOWNLOAD FORM
Limited Loan of MSU College of Human Medicine Equipment/Property for Medical Education Purposes
REVISION HISTORY
1.0 - Effective date: 9/15/16 - Revised by K. Crosby, M. Braem - Original
Download Form: Limited Loan of MSU College of Human Medicine Equipment/Property for Medical Education Purposes