Section 30: Equipment Leases and Rentals
(1) All equipment leases or rentals must be supported by a formal purchase order.
(2) All leases or rental contracts must be signed by one authorized to sign as outlined in Policy 528, Contract Signature and Authority Delegation. Please contact Purchasing and Contract Services to begin the lease process.
(1) The following list of information is required for all lease purchases:
(A) Cash price of equipment
(B) Trade in value of old equipment-with USU Inventory number
(C) Down payment, if any
(D) Financing interest rate
(E) Term of financing (number of months/years, etc.)
(F) Amount being financed
(G) Buy out amount at end of agreement
(H) Amortization schedule which shows the beginning balance, payment amount, and the amount of each payment that applies to principal and interest
(I) Copy of lease agreement and Non-appropriation clause
(2) Please use account code 712200 rentals and account code 715600 lease purchases.
(1) USU Fleet Manager is delegated the responsibility to approve all vehicle purchases. Instructions can be found on Parking and Transportation Services.
(2) Once approval has been given, employees will provide the necessary signed paperwork to Purchasing and Contract Services, including a copy of the “New” vehicle worksheet & disposal record form, signed by the requesting department head and the Financial Officer of the unit.
(3) Purchasing and Contract Services will place the order after all contracting requirements are completed.
30.3 Equipment Rental Contracts
(A) the total rental cost is less than $5,000.
(B) the equipment is rented from a reputable equipment rental company
(C) the contract is highly standardized
(D) the contract does not require a certificate of insurance
(2) Individuals signing equipment rental contracts should review the terms and conditions of the contract carefully. If there are any concerns about the terms and conditions please contact Purchasing and Contract Service prior to signing the equipment rental contract.
(3) If an equipment rental contract requires a certificate of insurance please contact Risk Management to request a certificate of insurance.
(4) Equipment rental contracts requiring a certificate of insurance should be reviewed following the standard University contract review and signature process. The certificate of insurance should be included with the contract during the review and signature process.