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
To outline the College policy for leasing or renting of equipment,
property, or other items available on a rental or lease basis.
Code Annotated, 63-56-1 et. seq. Utah
Policy and Procedure 9.2 Small Purchases and Expedited Procurement
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.
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
For More Information, Contact:
Director of Risk Management