Buying Information >
The University has determined that outright purchase is the most cost
effective method of acquiring equipment. However, there may be need to utilize
an external third party lease for a specific equipment requirement.
President for Finance/Treasurer has the authority and responsibility to determine
the most appropriate method of acquiring equipment, i.e., purchase or lease
(capital and operating) of $100,000 or more. The Vice President for Finance/Treasurer
also has the responsibility to evaluate each external third party lease over
$100,000 for proper accounting and reporting treatment (i.e. capital or operating).
Purchasing Services has the authority and responsibility to
review and execute all supplier leased contracts on behalf of the University.
In order to streamline the process for requesting approval for an external
third party lease and the formal review and approval of lease related purchase
orders and leasing agency contracts, the following procedures will be effective
September 1, 2008.
Please direct questions regarding these new procedures to