Lease (loan) Program for Equipment Purchases

The University implemented an internal lease (loan) program for departments to purchase equipment and to pay for the equipment in installments. This program was established to assist departments in purchasing equipment instead of entering into expensive external lease agreements.
TERMS:
Interest rate:	4.02% for fiscal year 2005 (rate adjusted annually)
Repayment period:	Repayment period is based on the life of the asset (http://www.univco.cornell.edu/policy/CA.for.html) and the amount of funds borrowed
Procedures:
	Complete Lease (loan) application A unit representative with external transaction authority for the dollar amount of the purchase should sign the lease agreement. Send to the Director of Debt
	Instructions & Application