If a course is offered for credit, then the instructor of record is the individual who assigns the final course grade.
The instructor of record must be an academic titleholder if the course is numbered 4999 or lower.
An individual who is not an academic titleholder can serve as the instructor of record if the course is numbered 5000 or higher and is not a requirement for any degree program affiliated with the sponsoring unit.
Co-teaching with an academic titleholder is always allowed provided the academic titleholder serves as the instructor of record.