blog posts Policy Updated: 12.3.7 Equipment Loans to Faculty, Staff, or Students Aug 18, 2020 6:15 amThe Office of the Vice President, Chief Financial Officer & Comptroller announces updates to the University of Illinois System’s procedures for loaning equipment to faculty, staff, or students.These changes are being made to decrease the administrative burden on units by simplifying the requirements for documenting equipment loans.Highlights of these changes include;Adding “Telecommuting Agreement” to the list of approved methods that units may use to document and approve equipment loans.Extending the length of time for which units may use a “Unit-designed sign-out sheet” to document equipment loans to less than one year. Clarifying that equipment may be loaned for a duration of up to two years. Equipment loans may be extended by completing new agreements. Reformatting the policy entry to present the content in a more succinct manner.It is important to remember that employees and students who have been loaned equipment are responsible for its safekeeping. The unit head retains custodial responsibility for the equipment.Updated procedural information can be found in 12.3.7 Equipment Loans to Faculty, Staff, or Students of the Business and Financial Policies and Procedures Manual.ContactFor questions about these changes, or other property accounting policies, contact Magdalena Jach at firstname.lastname@example.org or 312-585-9171.For questions about the Business and Financial Policies and Procedures Manual, contact the CFO Business and Finance Policy Office at (312) 585-9049 or email@example.com.