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

  1. PURPOSE

    To outline the College policy for leasing or renting of equipment, property, or other items available on a rental or lease basis.

  2. REFERENCE

    1953 Utah Code Annotated, 63-56-1 et. seq.

    Policy and Procedure 9.2 Small Purchases and Expedited Procurement

  3. 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.

  4. PROCEDURE

    1. 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.
    2. 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 Office of Equal Employment Opportunity and Risk Administration at 801-957-4041