Leased, Loaned, or Rented Equipment

Boston University is responsible for safeguarding and ensuring equipment leased to, on loan to, or rented to the University. It is the responsibility of the department leasing, renting, or with equipment on loan to notify Property Management upon receipt of said equipment.

To be fully insured by the University, equipment must be documented within the Asset Accounting Module, regardless of who holds the title to it.

Leases

Departments  must notify Property Management when equipment that meets the capitalization criteria is leased by the department. Property Management should be provided with the location, price, and leasing period for the equipment. The equipment will be tagged and recorded within the Asset Accounting Module for the duration of the lease.

Loans

Departments  must notify Property Management when moveable capital equipment is loaned to the University for a period longer than 30 days. Provide a brief description, of the value of the equipment, and the duration of the loan. The equipment will be tagged and recorded within the Asset Accounting Module to ensure it is properly insured while it is in the custody of Boston University.

Equipment not listed in the Module can be exempt from the University’s insurance. Consult with Sourcing & Procurement for the appropriate procedures regarding leased or rental agreements and protocols

All lease payments should be charged to G/L Account 511800. If a decision is made to perform a final buyout of leased equipment, it should be charged to 571400 if the item meets the capitalization criteria.