Equipment Leasing

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.

The Vice 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.

• Procedure for Requesting Approval for an External Third Party Lease
• Purchase Order Approval Process for External Third Party Equipment Leases

Please direct questions regarding these new procedures to Purchasing Services.