Policy Steward:
Manager of Analytical Ops
University Policy & Standards Converted:
Procedures for each Responsible Party
Unit
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Either seek and utilize a lease agreement from Procurement, Contracts and Materials Management (PCMM) or obtain the other party’s lease/rental agreement, including the information that pertains to the operating lease.
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If the other party expects OSU to insure the equipment, verify with Insurance and Risk Management Services that property insurance is in place or request that it be secured. Some equipment must be specifically endorsed for coverage to apply, so allow for sufficient time to obtain necessary insurance.
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Submit the lease agreement through BennyBuy for review and signatures. When OSU insures the equipment, Insurance and Risk Management Services will also sign or sign off on the agreement.
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If lease requires OSU to insure equipment and the asset will be held more than 90 days, the asset must be added to inventory.
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If the lease requires OSU to insure equipment, a copy of the fully executed agreement should be forwarded to Insurance and Risk Management Services.
Financial Strategic Services (FSS)
Fixed Assets Property Management
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Add leased equipment to the University asset records at its replacement value for tracking.
Fixed Assets Property Coordinator
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Contact unit to affix bar code tag to equipment.
Additional Information
Revised: 09/26/2024