PCS 212: Leased Equipment
To identify responsibility for leased or rented equipment
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.
For information on expenditure codes, see the Financial Services Policies and Procedures Manual—FIN 430–01, “Overall Expenditure Coding Structure.”
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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