Managing Leased Equipment

Receiving Leased Equipment

As mentioned in the lease commencement process, all leased equipment must be recorded in the asset management system (Archibus) as soon as possible after it is received.

A failure to complete a record of the leased equipment will result in delayed payment to the supplier and to the risk that the equipment will be out of warranty prior to the end of the lease period.

Tracking and Transferring Leased Equipment

At end of lease all leased equipment is returned to the lessor, currently Alleasing Finance Pty Ltd.

It is essential that all leased equipment be recorded and tracked using the University's leased asset management system (Archibus) so that it can be easily located at the end of the lease period. Thus it is important that the system be updated if the equipment is moved, transferred or responsibility for it changes in any way.

Lease Cancellation

Under the University's agreement with Alltech Finance, leases cannot be cancelled once they have commenced. Therefore departments which no longer have a need for the equipment being leased can transfer it to a new department/responsibility centre using the asset management system (Archibus).

Leased Equipment No Longer Required

Surplus leased equipment can be advertised as available for redeployment. The receiving department merely takes over remaining lease rentals from the beginning of the next calendar quarter.

Maintenance of Equipment

At the end of the lease period, equipment must be returned in working condition, as described under the End of Lease section. Accordingly any faults or damage should be attended to as soon as possible, especially if covered by the equipment warranty.

Equipment Upgrades

The arrangement with Alleasing Finance does allow for leased equipment to be upgraded. However if considering an upgrade you must decide whether:-

(a)

You intend to remove the upgrade and restore the equipment to its original condition before you return the equipment to Alleasing Finance at the end of the lease period; or

(b) Leave the upgrade and return it to Alleasing Finance with the equipment at the end of the lease period.

If you intend to remove the upgrade when you return the equipment at the end of the lease period then you must ensure that the leased equipment is not damaged in any way. Similarly, if an upgrade is to be returned with the equipment at the end of the lease period, the upgrade must not decrease the value of the leased equipment.