Property Loaned to Stanford
 
A loan is property which has been provided to Stanford free of charge, for a specified
period (short or long term), by an institution or individual. A loan of property to
Stanford must have a beginning date and an end date. There are always terms and
conditions that exist and must be approved by PMO or by Procurement. While the
property is in Stanford's possession it must be cared for in the same manner as
purchased or donated property. This includes tagging the property with an SU.ID
barcode tag and green “nonStanford” overlay, and creating a property record in
Sunflower Assets (SFA). Regardless of dollar value, input all incoming loans into
SFA.
Loans from Manufacturers
An equipment loan coming directly from a manufacturer must be processed through
Procurement. Per Guide Memo 54.6 (http://adminguide.stanford.edu/54_6.pdf), a loan
occurs when Stanford receives free use of equipment. A manufacturer may lend Stanford
experimental or prototype equipment that needs testing under regular operating
conditions. Even though no payment is involved, other liabilities, such as insurance
coverage and repair costs need to be covered by a loan agreement negotiated by
Procurement.
To arrange a loan, departments must submit an online requisition to Procurement. In
addition to the standard information, the requisition should include:
- Complete description of the property
- Length of time the property will be kept
- Market value
- Whether the department may at some time wish to purchase the item
Other Loans – SponsorFurnished
Property
PMO will approve the loan of property in circumstances where it is loaned by a
sponsor to the University. Sponsorfurnished
property is defined as an agreement
between Stanford and a sponsor for a specific purpose. If no loan document was
provided by the property owner, the DPA will complete the loan form except block 1
(loan number). The loan number will be provided by PMO; this loan number will also
be used as the agreement number in the "Associate Assets and Agreements" section
of SFA.
If a loan document was received with the property, provide the document to PMO for
entry into SFA.
- Ideally, the PI should contact the DPA announcing the arrival of this property at
Stanford; however, what often occurs is the property is found during an office or lab
walkthrough,
or is added to SFA during a physical inventory. If this happens, the
documentation must be acquired "afterthefact"
to complete records in SFA. Through
communication and education, this latter scenario should be reduced in the future.
- The DPA requests all documentation available for each piece of property, including
the original institution tag number, if available, and nomenclature (item description),
and forwards copies to their Property Service Representative (PSR). The DPA will
also complete the loan form except block 1 (loan number). The loan number will be
provided by PMO; this loan number will also be used as the agreement number in
SFA.
- PMO determines whether additional documentation is required, and forwards this
information to the DPA before the records are created in SFA. PMO will research
restrictions and provide guidance.
- The DPA creates an SFA record. Some fields will be completed with "default" data;
the PSR will either complete these fields or provide the data to the DPA to complete,
after PMO has determined the values.
- If any loaned property will be used in an off campus location, the PSR must
determine that it is authorized and the DPA must ensure a Stanford OffCampus
Equipment Verification Worksheet has been completed.
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