How Do I . . . Process Loans and Leases/Rentals

Step 4: Keep Documentation Up-to-Date INTRO 1 2a 2b 3 4

What to do How to do it

A. Track any changes to the
rental/lease/loan. Whenever changes occur in any rental, lease, or loan, fill out the Long Term Rental/Lease/Loan Reporting Form to update the necessary information.

If there are any proposed changes or addendums to the Standard Terms of Equipment Loan on the Equipment Loan Agreement (ELA):

Obtain a copy of the requested changes or alternative contract from the lender.
Fill out the ELA, and send to Business Contracts. Business Contracts is the only department with authority to sign a modified UC Equipment Loan Agreement.
Complete a No Cost type of Requisition (PR), using commodity code BA140.
If modified ELA is approved by Business Contracts, provide copy of completed and signed ELA to lender and copies to Accounts Payable and Equipment Management. Keep original in department file.

For other changes/extensions to loan agreements:

Complete and process a Loan Agreement Modification Form. You will need to obtain the same signatures and distribute copies to the same entities as with the original ELA.
Report any modifications to ELAs in the Notes section of the Capital Asset Maintenance Screen (CASM) in DaFIS for the applicable asset(s).

Upon termination of loan, create an Asset Retirement document in CAMS. A receipt or shipping memo from the lender is required by Equipment Management as proof of termination for audit purposes.
For rentals/leases that were processed on a PR, complete a Change Purchase Order/Business Agreement (CO) document against the Purchase Order issued by Purchasing if there are changes in the original terms. The Purchasing department will need to approve the CO before the changes are officially in effect.

Step 4: Keep Documentation Up-to-Date INTRO 1 2a 2b 3 4
	What to do	How to do it
A.	Track any changes to the rental/lease/loan.	Whenever changes occur in any rental, lease, or loan, fill out the Long Term Rental/Lease/Loan Reporting Form to update the necessary information. If there are any proposed changes or addendums to the Standard Terms of Equipment Loan on the Equipment Loan Agreement (ELA): Obtain a copy of the requested changes or alternative contract from the lender. Fill out the ELA, and send to Business Contracts. Business Contracts is the only department with authority to sign a modified UC Equipment Loan Agreement. Complete a No Cost type of Requisition (PR), using commodity code BA140. If modified ELA is approved by Business Contracts, provide copy of completed and signed ELA to lender and copies to Accounts Payable and Equipment Management. Keep original in department file. For other changes/extensions to loan agreements: Complete and process a Loan Agreement Modification Form. You will need to obtain the same signatures and distribute copies to the same entities as with the original ELA. Report any modifications to ELAs in the Notes section of the Capital Asset Maintenance Screen (CASM) in DaFIS for the applicable asset(s). Upon termination of loan, create an Asset Retirement document in CAMS. A receipt or shipping memo from the lender is required by Equipment Management as proof of termination for audit purposes. For rentals/leases that were processed on a PR, complete a Change Purchase Order/Business Agreement (CO) document against the Purchase Order issued by Purchasing if there are changes in the original terms. The Purchasing department will need to approve the CO before the changes are officially in effect.

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