Title to loaned property remains with the U.S. Government. LANL may immediately recall property if it was loaned without the required approval signatures on the loan agreement. The borrower is financially liable for missing, damaged, or destroyed government property. Only the LANL property custodian may initiate a loan for items under his or her stewardship, and only property that would otherwise be idle for a temporary period may be loaned. All loans are justified in writing and documented as stated in this chapter.
Loaned property is accounted for in physical inventories.
Each loan is reviewed annually . The maximum loan period is 3 years. The memo and completed SR are sent to the Property Operations Team. The signer must have sufficient authority to bind the organization to LANL's terms and conditions. Each Form 4420 has a unique loan agreement number assigned by Property Operations.