Transfers and Loans

Transfers

Equipment can be transferred to another department if it is not needed in its current department and can be used elsewhere. This type of transfer is called an Interdepartmental Transfer, and it can be done as either a straightforward transfer or as a "sale" from one department to the other. In both cases, the transfer of custody is done via FABweb. However, for “sales” from one department to another, the sale part of the transfer is done outside of FABweb.

If equipment held by one department can be used by another department, and there is a mutual agreement for the receiving department to pay for the equipment, a transfer "sale" transaction can be made between the two departments. The "sale" is usually accomplished via a budget transfer from the receiving department to the originating department, for the agreed-upon amount.

Only certain types of budget or funding transfers are allowed to compensate for the equipment. Check with your business office if you have any questions about allowable funding transfers.

Loans

Whether it's a computer being loaned to a staff member for a week or lab equipment being loaned to another institution for two years, it is important to follow the established policies and procedures for equipment loans to ensure the loan terms are clearly documented.

Units may loan equipment to faculty and staff or students to support the mission of the University of Illinois System. Faculty, staff, or students who have been loaned equipment are responsible for its safe keeping. The unit head retains custodial responsibility for any loaned equipment.

Units are encouraged to share equipment. When equipment is loaned to another unit for more than one academic session, the unit must report this to University Property Accounting and Reporting.

Equipment acquired with restricted, sponsored project funds may be loaned to another institution for a limited period under the specific circumstances outlined in Policy 12.3.6.