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Last Updated 6/16/09
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New Policy Concerning Lease/Purchase of Equipment
The Board of Trustees, at its September 11, 2007 meeting, approved FCR 8 entitled Lease/Purchase of Equipment and Information Technology Items. In this action, the Board delegated to the Executive Vice President for Finance and Administration (EVPFA ) the responsibility for managing university debt related to the lease/purchase of equipment and information technology items costing less than $200,000. To implement this policy, the EVPFA has delegated to the Director of Purchasing the authority to approve lease/purchase agreements for equipment and technology items costing less than $200,000.
According to the University of Kentucky's Debt Policy, debt in the form of capitalized lease obligations shall be approved by the Board of Trustees. Therefore, acquisitions of major equipment and information technology items costing $200,000 or more, must be submitted to the Board for approval when the procurement involves debt in the form of a lease/purchase obligation.
