From time to time, questions have arisen concerning the renting or leasing of equipment belonging to The University of Tulsa. Such equipment is considered to be University property even though it may have been purchased by or is supervised by a department, division, consortia, or college. It is, therefore, desirable to establish a procedure for the approval of the use of such facilities as well as for the determination of appropriate and uniform charges.

Recommendations for the rental or lease of such property to outside agencies normally shall be made and approved by the principal investigator of a research project, the appropriate department chair and/or director of the consortia (e.g. Computer Center, Consortium, etc.), and the collegiate dean. Such recommendations shall be forwarded to the Director of Finance and Budget of the University and the Director of Research for approval. (Any recommendations involving the use of space must be approved by the Space Committee whose membership is composed of the Provost, the Vice President for Business and Finance, the Executive Director of Research, Sponsored Programs, and Governmental Relations and the Director of the Physical Plant).

Because of the unique status of the University as a tax exempt institution, and because of the many and diverse Federal regulations, as well as potential legal problems, the determinations of rates to be charged for such rental or leasing must be uniform, justifiable, and auditable. The establishment of these rates should reflect the fair market value of the service to be rendered.

All income derived from equipment rental and laboratory use will be returned to the department, college, or research consortia having possession of the equipment. University policy requires that all monies accrued are designed for expenses related to the purchase and maintenance of equipment.

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