Effective Date: July 9. 2012
The following policy provides guidelines and instructions for the leasing of capital equipment at the University. All equipment leases must comply with University Procurement Policy.
Reason for Policy
The policy provides guidance for the use of capital leasing as a method of goods acquisition, emphasizing both that appropriate controls must be in place to mitigate risk relative to financial loss and that good business practices are followed.
Primary Guidance to Which this Policy Responds
This policy responds to the University Purchasing policy and best practices relative to the acquisition of goods.
Responsible University Office & Officer
Responsible University Office: Procurement Services - Purchasing
Responsible University Officer: Vice President for Procurement Services
Who is Governed By This Policy
This policy applies to everyone working at the University, or working on behalf of the University, who plays a role in committing resources and procuring products on behalf of the University.
Who Should Know This Policy
All University faculty and employees who make procurement decisions—including administrators in schools and departments who have primary responsibility for purchasing, and officers of instructions and research who make purchasing decisions—have a particular obligation to be familiar with the requirements outlined in this policy.
Exclusion and Special Situation
Motor Vehicle Leases
There is no minimum dollar threshold for motor vehicle leases. The minimum lease term will be two (2) years and the maximum will be five (5) years. All leased motor vehicles must be registered with Risk Management. Please go to Risk Management’s instructions for motor vehicle acquisition, operations & disposal. The rest of the
Leasing Policy outlined herein applies to vehicle leases.
To see the full text of this policy, please use the link on the right.