Policy on Lending College Property
The primary purpose of College owned or controlled assets is to support the College Mission. Loans will be permitted only when such action supports a Mission goal or objective.
SUNY Cortland has a fiduciary responsibility for safeguarding of assets and an obligation to its public. That responsibility is fulfilled through management and maintenance of its Property Control System (PCS) and more informally for all property through the explicit and implicit responsibilities of its departmental managers and employees. Certain inventoried property is formally tagged with a PCS Asset Number (property valued at $1500 or more and all computer equipment.)
The following guidelines apply for lending property:
1
Property may be
lent/borrowed only when such action supports the College Mission and does not
impair the activities and programs supporting the College.
2
Implicit in
lending/borrowing is that the property be returned in a timely manner in
essentially the same condition as when borrowed. There normally should be no
cost incurred by the College, including transport from and return to the
College.
3. Accountability for formally inventoried equipment through
the PCS rests with the departmental account manager. Control and accountability
for lending of other property also rests with the departmental manager who will
act in a responsible, prudent manner and exercise sufficient control and
documentation to ensure proper internal control in safeguarding assets and not
impairing program activities.
This does not restrict higher-level supervisors from
exercising control and oversight at their discretion.
3
Interdepartmental
transfers of inventoried (PCS) equipment is to occur through formal PCS action.
However, short-term transfers may be treated as loaning provided prudent
control and documentation steps are taken.
4
The standard form for the Loan of College Property in Support
of the College Mission must be used, and the appropriate authorization must be
obtained prior to lending the property. While control and identification of all
lent property is the responsibility of the departmental manager, please note
that for inventoried (PCS) equipment, the form becomes an official document
link for property control and may be audited upon request by the Property
Control Officer or other authorized officer.
5
A certificate of insurance must be obtained when the
estimated value of the property exceeds $1,500. In addition, a certificate of
insurance for the transporter must also be obtained when the transporter is not
the borrowing organization and when the estimated value exceeds $1,500.