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Procedures for Installment Purchase of IT Equipment

Procedures for the Use of the Board of Regents Agency Contract Number 98000-101 (SunTrust Equipment Finance & Leasing Corporation) for the Multi-year Installment Purchase of Information Technology Equipment

Effective date: 6/28/2007

At the request of the Board of Regents, the Department of Administrative Services (DOAS) Purchasing Division established a multi-year installment purchase agreement State of Georgia Contract (Agency Contract) to assist University System of Georgia units which need to finance technology equipment and software. The one-year contract may be renewed annually for a total period not to exceed 5 years. The minimum amount that can be considered for an installment purchase is $25,000. All forms can be located at the following URL:

http://www.usg.edu/oiit/policies/forms/

Contract Information Sheet (Office of Fiscal Affairs)

In addition, the procedures outlined below must be followed to use the Agency Contract:

All purchases will be financed through SunTrust Equipment Finance & Leasing Corporation.

  1. An authorized agent of the unit must contact the Board of Regents Contract Coordinator to ensure that sufficient funding is available during the term to cover the installment purchase amount. The contract coordinator is:

    Ms. Lisa Striplin
    Information and Instructional Technology
    Board of Regents
    270 Washington St. S.E.
    Atlanta, Georgia 30334-1450
    Telephone 404-656-6174

    Contractor Contact:

    Gary Jones
    SunTrust Equipment Finance & Leasing Corporation
    300 E. Joppa Road
    Suite 700
    Towson, MD   21286

    office: 410-307-6661
    fax: 410-307-6620
    mobile: 443-255-7630

  2. The unit will forward to the contract coordinator for review a Purchase Order, as appropriate, and the supporting materials for the equipment purchase. The purpose of the review is to determine if the items being purchased are eligible under the agreement and to determine that other required approvals are satisfied.

If a Purchase Order is being issued:

  1. The information must contain:
    1. The completed Purchase Order (vendor copy only) with notation that this order is being financed. The total order amount should be for $0.
    2. The IT approval letter, if required, by the type of purchase.
    3. A Notice Letter to the Vendor (see http://www.usg.edu/oiit/policies/forms/) explaining the installment purchase.
    4. A blank State of Georgia Standard Agency Agreement (the Agency Agreement). The Contractor will complete the agency agreement and return it to the institution for signature. (see http://www.usg.edu/oiit/policies/forms/)
    5. A Unit Authorization form and the Insurance Authorization. (see http://www.usg.edu/oiit/policies/forms/)
  2. If the request is in order, the contract coordinator will forward to the vendor the Purchase Order and will send to the Contractor a copy of the Purchase Order, Notice Letter to the Vendor, Standard Agency Agreement, and a letter indicating approval of the use of the Agency Contract for the equipment purchase.
  3. If the request is not in order, the unit purchasing agent will be notified and given the reason(s) the order cannot be forwarded.
  4. When the equipment is delivered and accepted, the unit will execute and mail the Equipment Acceptance Certificate to the Contract Coordinator, who will in turn send it to the Contractor with a request that the Contractor establish the interest rate; complete and execute the Standard Agency Agreement, attach an amortization schedule, and the Wall Street Journal documentation page; and return all aforementioned documentation to the unit.
  5. The Contractor executes all the actions listed above and returns the documents to the unit.
  6. Incorporating the Standard Agency Agreement, the unit will issue a Purchase Order to the Contractor for the financing. The original Purchase Order should have as a total only the funds encumbered for the current fiscal year. For the remainder of the contract term, Purchase Order Corrections (POC's) should be issued to encumber funds for each succeeding fiscal year. The unit must send appropriate copies to the Contract Coordinator.
  7. All other activities are as specified in the contract.

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