Leased / Rented / Borrowed Equipment

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In general, Financial Reporting does not record in the central database items that are leased, rented, or borrowed for a period of less than one year.

Required Process:

Departments that obtain equipment from others on a temporary basis must:

  • Accept responsibility for the care, custody and control of those items.
  • Execute a contract or letter of understanding between the parties involved.
  • Utilize the Model Contract for the Loan of Items to George Mason University.
  • Send the Property on Loan to Mason Form to the University Office of Risk Management for insurance coverage.

University Insurance

  • The university’s property insurance provides the same coverage for these items as for those owned by the University.
  • If the item is not returned in the same condition as it was received, except for fair wear and usage, the University Risk Manager must be notified.
  • In the case of mechanical, electrical, and potentially hazardous items, the owner should assume full responsibility for the safe condition of the item. The university should assume responsibility for the safe operation of the item.

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