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Types of Leases

• Equipment leases are for any "thing" that you are leasing or renting for a period of time
• Vehicle leases are for any "thing" with wheels that you are leasing or renting for a period of time
• Land leases are for any real estate property that you are leasing or renting for a period of time
• Space leases are for buildings, storage, event venues, or living quarters

Functional Review

All vehicle leases should be routed through Transportation Services and a Vehicle Acquisition Form (VAF) [PDF] should be filled out for the new lease.

All land leases should be handled and negotiated through the Real Estate Office.

Leases are contracts and the terms and conditions of each lease should be reviewed by Contract Services/Legal Affairs prior to entering into the lease

Print Responsibly Program

Effective in FY13, the University should not enter into any new lease agreements for copiers/printers. All new equipment is being installed using the Print Management Program. This program is with and all Xerox equipment will be on a Cost Per Copy (CPC) fee basis billed back to each department. Contact the Office of Information Technology (OIT) for any new printing equipment needs.

Requisitions

Please complete your requisition as a Blanket Purchase Order within and attach a PDF file of the lease agreement to the form.

Documentation

The State of Ohio requires that we maintain documentation on all lease agreements. You must attach a copy of it to the requisition, even if it is a continuation over the years. It must be reviewed prior to the start of any lease.

• Item Description (i.e. Widget Maker Annual Lease Agreement)
• Make (i.e. Ace)
• Model Number (i.e. WG43-X5)
• Serial Number (i.e. S/N: 2567453)
• Number of payments to be covered and the Length of term (i.e. for the period of July 1, 2016 to June 30, 2017. This covers payments number 13 through 24 of a 36-month lease.)
  Note: All preexisting leases must coincide with the fiscal year (July 1 to June 30). If the lease/agreement starts in mid-year, the encumbrance requested should not cross the fiscal year.
• Prior Year Purchase Order (if applicable) (i.e. Replaces FY16 PO # 123456)
• Pricing (i.e. 12 months at $240 = $2,880)
• Lease Agreement

Maintenance Agreements for Leased Equipment

Requisitions for lease agreements that include maintenance, or are for maintenance agreements alone, should also included the above documentation and be entered as a Service Agreement. On the first line of your requisition, please provide the base rate charges of the lease or maintenance charges. On the second line, please estimate any additional charges that may occur due to the maintenance agreement.

Questions?

Please e-mail Finance Customer Care with any questions.