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Around June 1 of a given year, the Office of Finance solicits each institution's anticipated equipment funding needs for the coming fiscal year. To demonstrate the viability of the request, the institution must provide a brief description of the expected purchases, as well as the payment source. At the August BOR meeting, the Regents vote on approval of the equipment financing requests submitted by the institutions. The Equipment Financing Guidelines specify that the minimum aggregate equipment debt issuance $100,000 per institution, though the program allows for several smaller equipment purchases to be commingled to achieve this minimum. Also of note, the useful life of each piece of equipment must span at least 3 years, and the debt will be amortized each February 15 and August 15, with full amortization not to exceed ten years. Should an institution’s equipment needs change over the course of the year, institutions can request supplemental authorization, to be submitted to the Board at the annual February meeting.
Program Procedures
Forms
Request for Reimbursement Form (MS Word)
Promissory Note Template (MS Word)
Commercial Paper Issuance Request (MS Excel)
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