Lease and Installment Purchases

Section 6.17 of Session Law 2005-276 requires that the Office of State Budget and Management, in consultation with the Office of State Treasurer, the Office of State Controller, and the Department of Administration, develop and implement a management process for lease purchases and installment purchases. This includes, among other things, a method to centrally inventory and monitor lease purchases and installment purchases made by State agencies. In order to comply with this legislation, the Division of Purchase and Contract (P&C) and the Office of State Budget and Management (OSBM) request that you include the following information when entering purchase orders in E-Procurement for lease purchase or installment purchase items:
 
Installment Purchases
  • POs Securing Financing
    • Include "IP:" as the first letters in the Title of any Purchase Orders issued to secure financing for installment purchases
  • POs for Items Being Purchased
    • Include "IP:" as the first letters in the Title of any POs issued for installment purchases
    • Reference the PO Number for the PO used to secure financing in the Title of the PO
    • Include in the line item description:
      • Purchase Term – e.g., 12 months, 36 months
      • Payment Amount
      • Payment Frequency – e.g., monthly, quarterly
 
Lease Purchases
  • POs for Items Purchased
    • Include "LP:" as the first letters in the Title of any Purchase Orders issued for lease purchases
    • Include in the line item description:
      • Purchase Term – e.g., 12 months, 36 months
      • Payment Amount
      • Payment Frequency – e.g., monthly, quarterly


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