1. Equipment Leases

   1. Leases, including month to month leases and all other leases of equipment regardless of the period of time, are subject to the review and approval of Purchasing Services.

   2. Interest on leases or deferred payment commodity contracts is defined as a commodity and is subject to the bid requirements if the interest exceeds $75,000 over the term. Purchasing Services may also request competitive quotes on lease rates and terms.

   3. Requesting Department's Responsibilities The requesting department shall be responsible for submitting a requisition for the lease or installment purchase of equipment to Purchasing Services with the following information:

      1. Equipment specifications,
      2. Original agreement with all the terms and conditions
      3. Lease versus purchase cost analysis,
      4. A statement from the Department Chair, Dean, or appropriate Vice President guaranteeing that funds will be provided during the entire term of the lease.
          

   4. The lease of equipment is subject to the Purchasing and bid procedures contained herein. All leases shall contain a cancellation clause, and an availability of funds clause. Leases may contain renewal options, if appropriate. Leases of equipment are generally of three types:

      1. Lease with no provisions
      2. Lease with purchase option credits - provides for a percentage of monthly lease payments to be applied toward purchase in the event the option to purchase is exercised. Lease payments normally include maintenance.
      3. Installment Lease Purchase (No leasing provisions included) - provides for the title and ownership to the University upon installation. The acquisition is made over a period of time, such as 48 months, by monthly payments. Maintenance is extra and, if required, is another line item on the requisition. A copy of all back-up documents with the purchase order number indicated must be forwarded to Property Accounting.
          

   5. Consolidated Equipment Financing Program (CEFP) Lease Agreements - Purchasing Services may submit requests for lease purchase agreements to be financed under the CEFP in the Department of Financial Services. Upon receipt of approval by the CEFP, department will submit a zero amount requisition to the supplier furnishing the equipment with required financing language.

2. Real Property Leases

   Leases of real property, office space, and storage units require advanced review and approval from Purchasing Services. The process is outlined in the Florida Administrative Code, section 6C1-3.025.