Leases are legally binding contracts that financially obligate the University. The negotiation, approval and processing of all leases will be the responsibility of Treasury Operations and will require final approval from the Vice President for Finance and Treasurer.
Leasing equipment is subject to the same policies and procedures (including the CEA process and the creation of a requisition through the Purchasing Department) that would apply to the acquisition of any piece of capital equipment, such as computers, scientific equipment, business related equipment, etc.
Leasing is a financing technique, not a funding source. The acquiring department must identify the funding source prior to entering into a lease. In order to be considered for leasing, the item must have a value of at least $50,000 and must have CEA approval.