Property may be acquired by lease rather than purchase. The financial, accounting, inventory and tax issues of leases should be seriously considered prior to entering into a lease. For additional information about these issues, please see Section 4.E, Lease vs. Purchase Decision Making of the Rice University Purchasing & Payment Policy (available here: Purchasing & Payment Policy).
Property acquired by entering into a “Capital Lease” will be subject to the same control and reporting requirements as property that is purchased.