Policies and Procedures

Lease or Rental of Property for College Use


 
Chapter:                     2
Section:                     10.05
Computer Index Code:         C2S10.05
Origination Date:            5/22/84
Inst. Council Approval Date: 10/10/84
 
 
Subject:  Chapter  2      BUSINESS--VP FOR BUSINESS
          Section  10.05  LEASE OR RENTAL OF PROPERTY FOR COLLEGE USE
 
 
I.   PURPOSE
 
     To outline the College policy for leasing or renting of equipment,
     property, or other items available on a rental or lease basis.
 
 
II.  REFERENCE
 
     1953 Utah Code Annotated, 63-56-1 et. seq.
 
     Policy and Procedure 9.2 Small Purchases and Expedited Procurement
 
 
III. POLICY
 
     Lease agreements are negotiated by the purchasing office for the
     College.  Other College departments are expressly prohibited from
     entering into such agreements independently.  The purchasing office
     is responsible for maintaining a record of all leases entered into
     by the College.
 
 
IV.  PROCEDURE
 
     A.   Equipment which is furnished for College use by outside
          agencies on a rental or lease basis, whether for a definite or
          indefinite period, will be covered by a purchase order.  In the
          case of lease equipment, the department will clearly mark the
          requisition "lease equipment" and specify whether it is a new
          or renewal lease.
 
     B.   All "Straight lease or rental agreements" should be coded with
          the departmental current expense code.  All "lease to own"
          agreements should be coded with the departmental capital outlay
          code. 
 
 
For More Information, Contact: 
Nancy Sanchez 
Director of Risk Management
(801) 957-4041
E-mail:  nancy.sanchez@slcc.edu
 
http://www.slcc.edu
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