General

When an equipment purchase requires financing, submit an application for lease financing to:

Director of Debt
University Treasurer’s Office.
35 Thornwood Drive

Application

The unit requesting the loan must complete the required information in the "Application" section of the form. To facilitate the review and approval process, be as specific as possible.

• "Equipment Description" - Describe equipment to be purchased.
  
  
• "Equipment Cost" - Provide the total cost of the equipment purchase, including amounts that do not require financing.
  
  
• "Requested Loan Amount" - Specify the amount of the total cost for which financing is requested.
  
  
• "Source(s) of Repayment" - Specify the source of funds that will be used to repay the loan. Please identify specific account number(s) for the debt service to be charged.
  
  
• "Life of Asset" - Provide the asset life as identified in the University Capital Asset Policy 3.9.
  
  
• "Requested Repayment Period" - Identify the requested number of months/years over which repayment will be made. This period must be less than or equal to the life of the asset.
  
  
• "Other Comments" - Describe any additional provisions or information that are not covered elsewhere.
  
  
• "Requesting Unit" - Indicate the unit that is responsible for the application and repayment of the loan.
  
  
• "Contact Person" - Indicate the person that can be contacted on questions or the specifics of the administration of the loan.
  
  
• "Unit Approval" – To be signed by the unit's Finance Manager or an individual in the unit with University Transaction Authority equal to the purchase price of the equipment.

Terms of Loan and Approvals

The information included in the "Terms of Loan and Approvals" section of the application will be completed by the Director of Debt.

The Director of Debt reviews the terms and conditions of the loan application and determine the most suitable source of financing based on financing availability, project eligibility, and repayment terms. The Director of Debt will approve loans up to $100,000. An additional approval by the University Treasurer is required for loans in excess of $100,000.