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 NC E-Procurement for lease purchase or installment purchase items:
 
Installment Purchases
  • POs Securing Financing
    • Include 'IP:' (without the quotes) as the first letters in the 'Title' field of any Purchase Orders issued to secure financing for installment purchases
  • POs for Items Being Purchased
    • Include 'IP:' (without the quotes) as the first letters in the 'Title' field of any Purchase Orders issued for installment purchases
    • Reference the Purchase Order Number for the Purchase Order used to secure financing in the 'Title' field of the Purchase Order
    • 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:' (without the quotes) as the first letters in the 'Title' field 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)