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Procedure: 7-90

Effective: May 16, 1988

Owner: Investment & Tax Services

Latest Revision: April 26, 2006

Requesting Treasury Board Financing

Scope | System References | Policy | Responsibility | Distribution | Ownership
Procedure Steps

Scope

To request State Treasury Board financing for equipment needing payments spread over several years.

Form: Request for Treasury Board Equipment Financing

Form completion instructions: Self-explanatory.

Obtain blank forms from:
     Investment & Tax Services
     Carruthers Hall, 924-1456

Forward completed forms to:
     Investment & Tax Services
     Carruthers Hall, 924-1456

System References [Top]

Policy [Top]

Policy VII.R.6 - Equipment Financing

Policy VII.R.7 - Treasury Board Equipment Financing Program

Responsibility [Top]

Distribution [Top]

Ownership [Top]

The University's Investment & Tax Services is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Procedure Steps [Top]

Responsibility       Action
   
Department
  1. Makes finance/purchase decision.
  2. Completes purchase requisition (and DIT forms, if necessary). Also states estimated cost of equipment and term of financing desired (3, 4, or 5 years).
  3. Forwards purchase requisition to Purchasing.
    States that financing is pending.
    Retains copy.
  4. Completes "Request for Treasury Board Equipment Financing" form.
  5. Forwards Request form and copy of purchase requisition to Investment & Tax Services.
   
Investment & Tax Services
  1. Reviews request for Treasury financing. Informs department of recommendation.
  2. Forwards purchase requisition to Treasury Board for review.
   
Treasury Board
  1. Reviews request.
  2. If approved, informs Investment & Tax Services. Forwards necessary forms.
   
Investment & Tax Services
  1. Informs department and Purchasing of approval by noting approval and reference number on purchase requisition form.
  2. Completes items 1-3 of "Acceptance Certificate."
  3. Forwards copies of both Acceptance Certificate and purchase requisition to appropriate Property Accounting Office.
   
Purchasing
  1. Issues approved purchase order to vendor. Includes reference number in remarks section of purchase order.
   
Department
  1. Upon delivery, forwards receiving report to appropriate Accounts Payable.
  2. Inspects equipment. Forwards inspection report to appropriate Accounts Payable.
  3. Forwards copies of both the vendor's invoice and inspection reports to:
    • Accounts Payable,
    • Investment & Tax Services, and
    • Property Accounting.
   
Property Accounting
  1. Tags equipment.
  2. Completes items 4-9 of Acceptance Certificate. Forwards copy to Investment & Tax Services.
   
Investment & Tax Services
  1. Completes required certificates.
  2. Forwards copies of certificates and payment verification to Treasury Board.
   
Treasury Board
  1. Forwards documentation to bank.
   
Bank
  1. Issues check to University for full payment.
   
Treasury Board
  1. Forwards to Investment & Tax Services:
    • Copy of Payment Schedule Certificate
    • An abstract of the Master Lease Agreement.
   
Investment & Tax Services
  1. Forwards to department and to Investment & Tax Services a copy of Payment Schedule Certificate.
   
Bank
  1. Issues monthly invoices to Investment & Tax Services.
   
Investment & Tax Services
  1. Makes installment payments.
  2. Directly charges departmental accounts for principle and interest.
   



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