Property Control System Manual (PCS)

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Effective: 1/27/1993

Revised: 3/1/2014

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PCS 212: Leased Equipment

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Purpose

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To identify responsibility for leased or rented equipment

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Sources

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Property Control
Financial Services

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Policy

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ASU assumes no responsibility for leased or rented equipment unless such responsibility is specifically stated in the contract or written agreement. Only then does ASU insure the specific leased/rented equipment, as designated in the contract, against theft or damage.

Note: Replacement value cost must also be included in the contract.

Furthermore, property control, security, and administration of such leased/rented equipment are the lessor’s responsibility unless stated otherwise in the contract.

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Additional Information

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For information on expenditure codes, see the Financial Services, Financial References Web page.

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Cross-Reference

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For a discussion of the economic soundness of leasing, see the Purchasing and Business Services Policies and Procedures Manual—PUR 602–01, “Lease vs. Buy Considerations.”

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