Guidelines for Leases and
Maintenance Agreements
Procure to Pay Services
Updated 2/2/2012
Table of Contents (Page 1 of X)
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Requirements for Leases and Maintenance Purchase Orders
Proper Filing
Renewal of Existing Leases
Checklist for Lease Requisitions
Maintenance Agreements and Leases that Include Maintenance
Agreements
• Any Questions?
Requirements for Leases and
Maintenance Purchase Orders
• Proper Signature
– All new leases must be signed by Procurement Services
(Department Heads, Deans etc., are not authorized to sign Lease
Agreements).
– Once the department has made a decision to lease equipment,
the Lease Agreement should be forwarded with a requisition to
Procurement Services for authorized signature and processing.
– REMINDER: Any commitment exceeding $25,000 in an fiscal year
is subject to bid requirements.
Proper Filing
• The State of Ohio requires that a copy of all leases must be on
file in the Division of Finance.
• Therefore, unless we have a copy of your lease is in our files,
you must attach a copy to any Requisition for a new lease, or for
continuation of an existing lease.
• Any lease Requisition that does not have an attached copy of
the agreement, or that does not note that a previous copy was
sent to Procurement Services, will be returned to the department
to attach the agreement copy prior to processing.
Renewal of Existing Leases
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Send a Requisition to Procurement Services to extend your lease into
the new fiscal year.
A new purchase order number will be assigned, and the old Purchase
Order number will be listed in the body of the new purchase order for
reference.
The purchase order number that was used for the previous fiscal year
should therefore be in the body of the requisition for the new fiscal year.
This procedure will allow for the uniform tracking of Leases that is now
required.
NOTE: You are not permitted to use a Purchasing Card and Direct
Payment for leases.
Checklist for Lease Requisitions
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Item description
Make
Model Number
Serial Number
Number of Payments to be covered and length of term
For existing Lease, the prior fiscal year purchase order number
Attached Lease Agreement (unless a copy of the agreement is in the files of
Procurement Services)
 All Requisitions must coincide with the university’s fiscal year (July 1 through
June 30). If the lease starts in mid-year, the encumbrance requested should not
cross the next fiscal year (i.e. If a lease begins August 15, 2011, the
encumbrance will be for 10 1/2 months, Aug 15, 2011 through June 30, 2012.
Then, assuming it is needed, the Requisition for following fiscal year should
cover a full 12 month period July 1 through June 30.
Maintenance Agreements and Leases
that Include Maintenance Agreements
• Requisitions for Leases that include Maintenance, or are for
Maintenance agreements alone, should also include the make,
model, serial number and covered number of payments as specified
above.
• IMPORTANT: The first line of your Requisition should include
lease/maintenance charges ONLY.
• A separate line should be established to include estimated overages.
For copy overages.
Any Questions?
Please contact us by sending an
email to:
financecustomercare@ohio.edu or
you can call 740.597.OHIO (6446).