There are several ways in which the University may acquire property and equipment.
Most property/equipment is acquired through a purchase which must follow University purchasing policies. Some property/equipment is considered capital assets and as such requires specific tracking. See Capital Assets policy #303.2.
Trade-ins of any property/equipment in conjunction with a purchase must be authorized by Business Services - Property Management prior to the trade-in.
The Office of Research and Sponsored Programs must approve the purchase of property/equipment acquired with sponsored program funding prior to the purchase
The University often receives gifts from donors in the form of property/equipment. Upon receipt of such gifts, the receiving department is responsible for notifying Business Services - Property Management for determination regarding the need to record and/or tag the property/equipment.
Leasing is another means by which the University may acquire property/equipment. This type of acquisition occurs when the University enters into a lease agreement for property/equipment, which transfers substantially all of the benefits and risks associated with that property/equipment to the University. In that case, the University is basically buying the property/equipment. It is the responsibility of the department- and very important to the University- that any department planning to enter into any property/equipment lease contact Purchasing before any lease is finalized.
Property/equipment can be loaned between one department or unit and another within the University. It is the responsibility of the lending department to notify Business Services- Property Management to ensure proper recording of the change in location of the property/equipment in University property records.
Occasionally, property/equipment is loaned to the University by an external entity. In this circumstance, the receiving department is responsible for notifying Business Services - Property Management to ensure proper recording of the property/equipment.
The University assumes neither responsibility nor liability for the loss of, damage to, or any other contingency related to personally owned property/equipment that is utilized in the conduct of business of the University unless there is a formal written agreement regarding the conditions for that use that is approved by an executive officer of the University.