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Processing Leases/Rentals

A lease/rental occurs when a vendor provides a good or service to the university for a specific period of time (start and end date) for a specific dollar amount. 

This guide provides instructions on how to process a lease or rental and is not intended for facility and room rentals or booth rentals at a fair. See the separate instructions for that process.

If a vendor is providing a good to the university for a specific period of time at no cost to the university, an Equipment Loan Agreement Form should be completed.  Loan instructions are available here.

General Rental Information

  1. Process a Requisition document in KFS. To locate an appropriate commodity code, enter “rental” in the Commodity Description field and select the appropriate commodity code for 30 days or less or over 30 days.

  2. Requisitions citing rentals of more than 30 days will route to and require approval by Procurement and Contracting Services. Rentals of less than 30 days will become an automatic purchase order after fiscal officer approval has taken place.

  3. If the Rental/Lease will be six months or longer, complete the Equipment Loan Agreement Form on the Forms page. Visit the Tax Reporting & Compliance page for instructions. There are tax implications for rentals/leases that exceed six months.

Rental/Lease of Furniture

  1. Process a requisition in KFS as listed above if renting from an off-campus source or contact the Furniture Program at to rent furniture from the campus Furniture Program.

Rental/Lease of Cars

  1. Process a requisition in KFS citing one of the University Car Rental Agreements in the agreement number field.