Property Control System Manual (PCS)

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Effective: 3/1/1984

Revised: 8/1/2021

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PCS 213: Equipment Loaned to ASU

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Purpose

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To identify and record equipment loaned to ASU by external agencies

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Sources

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Arizona Revised Statutes (A.R.S.) 41-621 A(4)

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Policy

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ASU assumes no responsibility for equipment on loan or demonstration to ASU unless such responsibility is specifically stated in a written agreement. Only then can ASU insure the specific equipment as designated in the contract, against  a loss. Any loan agreement must be approved by the Office of General Counsel and Risk Management. Once an agreement has been fully executed, the department should submit to Risk Management Services and Capital Asset Management (CAM), and keep a copy on-hand. CAM will tag the equipment and enter it into Workday at zero dollars.

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Exception

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For sponsor-owned property,(i.e. government furnished property), that is loaned, contact Capital Asset Management for specific procedures and see PCS 204 "Government Furnished Property"

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Cross-Reference

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For more information on the university guidelines for accounting for sponsor loaned equipment see PCS 204 "Government Furnished Property"

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