Purchasing Services is pleased to announce a new strategic partnership with Bank of America (BoA) to provide flexible leasing and financing options for capitalized assets, equipment, and software.
What is the Lease & Financing Program?
This program provides departments with an alternative way to acquire high-value equipment by spreading the cost over the item's useful life, rather than hitting a single year’s budget all at once. By leveraging this program, your department can acquire the asset(s) it needs today while spreading the cost over the useful life of the asset.
What is Bank of America’s role in the transaction?
BoA acts as our financial partner. They provide the "upfront" cash so that your departmental budget isn't depleted by a large one-time purchase. They essentially "buy" the asset’s cost from us and allow us to pay them back over time.
Why would I choose to lease instead of buy? Leasing is ideal for high-cost equipment that has a defined lifespan. It allows you to:
- Conserve your current budget for operating expenses.
- Acquire necessary technology or machinery now rather than waiting for future budget cycles.
- Align the cost of the equipment with the years it is actually being used.
What items are good candidates for leasing?
- IT & Technology: Servers, networking hardware, and large-scale computing clusters
- Research & Lab: Microscopes, DNA sequencers, imaging equipment, and spectrometers
- Operations: Vehicles, HVAC or maintenance equipment
- Athletics: Golf carts, fitness equipment or turf maintenance equipment
Key Benefits of the Lease and Financing Program
- Preserve Your Budget: Keep your funds available for operational needs rather than exhausting your budget on a single upfront payment.
- Expert Cost Analysis: BoA provides a cost-benefit analysis for each request to help you determine if leasing is truly the most fiscally responsible path for your specific situation.
- Streamlined Procurement: The Master Lease Agreement simplifies the contracting process for acquiring high-value assets.
Contact Information: Siyani Fullerton (Siyani.fullerton@bofa.com)
See the attached Leasing Program Process for details on how to get started.