2.2.3. Receiving Furnished, Loaned, or Donated Property
Furnished Property
Title and Authorization: Title to furnished property vests with the sponsor; CU is only authorized to be in possession of this property under the terms of the award on which the property has been listed as “furnished.” Government furnished property should always be listed in the agreement documents which are signed by both the sponsor and an authorized OCG signatory.
Receipt: The receiving PI and his or her department takes delivery of Government or sponsor- furnished property and promptly notifies OCG. A copy of the DD1149 form (Requisition and Invoice/Shipping Document) that accompanies Government property and any other shipping documents are sent to OCG. Any damages or shortages must be noted and reported immediately to the Government or the sponsor, with a copy to OCG. Government furnished property is tagged. OCG notifies the ACO of any property received by the PI and his or her department that has not been identified in the award, contract, or any modification to the agreements.
Disposition: At the end of the award’s period of performance, furnished property must be disposed according to sponsor directives. See 4.5 Property Disposal for further information.
Loaned Property:
Bailment Agreements: When there is significant collaboration between an awarding agent (program officer, industry sponsor, etc.) and university researchers (faculty and students), the university may accept a loan of property from the sponsor outside of the terms of a sponsored award. A department may also receive loaned equipment from a commercial entity or other institutions for a specific purpose not associated with a particular award. In these situations, a bailment agreement that includes terms for the property loan must be negotiated and signed by both the loaning institution and OCG to ensure that these items are properly documented and insured. Some collaborations may necessitate the university loaning equipment to an external entity for a specific purpose. A bailment agreement negotiated by OCG must also be created to document this arrangement.
PIs and department personnel are not authorized to sign bailment or loan agreements on behalf of the university. When a bailment agreement needs to be executed, the department should work with OCG to negotiate and execute the agreement. To initiate this, departments may email ocgproperty@colorado.edu.
Key differences between bailed property and furnished property
Bailed Property | Furnished Property |
|---|---|
Governed by the terms of the bailment agreement | Governed by terms of the sponsored award |
Loaned for a specified term | Furnished for the period of performance of the award |
Usually intended for general research | Only authorized for use on the sponsored award |
Property is not tagged and is not included in the department's inventory | Property is tagged and included in department inventory |
Return shipping may be the responsibility of the university/bailee | Return shipping may be charged to the sponsor |
Donated Property
When property is donated to the university by an external entity, it may be the responsibility of the department receiving the equipment to establish a fair market value of the item(s). The department may also ask the donor for copies of the original purchase documents or an inventory of items with estimated original costs along with the property donation. If these documents are not provided by the donor, the fair market value of the property should be established based on the price the department or researcher would have to pay for a comparable item of that age and condition from another vendor. If the value is greater than $5,000, authorization to accept the property must be obtained from the Campus Controller’s Office (See Capital Equipment - PAO Standard Operating Procedures for additional information on the donation/gift-in-kind process).