Around June 1 of a given year, the Office of Finance solicits each institution's anticipated equipment funding needs for the coming fiscal year. Institutions requesting equipment financing provide a brief description of the equipment to be financed, including expected purchase dates, projected useful life, and the payment source. The Regents vote on approval of the equipment financing requests submitted by the institutions during each August meeting of the Board of Regents. The Equipment Financing Guidelines set the minimum equipment debt issuance $100,000 per institution, though several smaller equipment purchases to be bundled to meet this threshold. The minimum useful life of each piece of equipment must be at least 3 years, and the debt will be amortized each February 15 and August 15, with full amortization not to exceed ten years.