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Document
Establishing an Effective Supplier Diversity Program
Year Created: 2022
DOCUMENT
MODL - OA4 Lease Buy Analysis Example 1998
- YEAR CREATED: 1998
- ENTITY TYPE: County
- TYPE OF DOCUMENT: MODL - Model, Templates
- Management
- Policies and Procedures
The document outlines the procedures for obtaining capital assets through the lease/purchase funding process in Farrrax County, Virginia. It begins by stating that a completed Financing Request Certificate should be submitted to the Office of Finance (OF), with a copy going to the Accounting Team. The Director of Finance will review the certificate and provide comments to the Office of Management and Budget (OMB), and the Office of Finance will acknowledge receipt by forwarding a signed copy to the Purchasing and Supply Management Agency (P&SMA).
The Director of OMB will then review the agency's request and the Financing Request Certificate. They will advise within two weeks on the request and provide any necessary feedback.
Once approved by OMB, the Using Agency will submit the requirement to P&SMA with the approved Financing Request Certificate attached. If the capital asset is available on an existing contract, this step can be skipped.
P&SMA will then issue a competitive solicitation to obtain the capital asset, with the solicitation including information about the County's Lease/Purchase Agreement and the option for vendors to provide financing. They will also review and evaluate bids or proposals and determine the lowest responsive and responsible bidder/highest rated offeror.
P&SMA, OF, OMB, and the Using Agency will review funding options and select the best option, which could be direct payment, vendor-provided financing, or the Master Lease Agreement. If a funding option other than direct payment is selected, P&SMA will submit the approved Financing Request Certificate to the Lessor.
The document continues with steps involving the completion of the Capital Lease/Installment Purchase Determination Form, review by the Office of Finance, review and negotiation of contract and financing documents by the County Attorney, and final approval by the County Attorney and Bond Counsel.
Once final approval is received, P&SMA will coordinate a meeting for final package approval with OF, OMB, and the Using Agency. After final approvals are received, P&SMA will execute the contract document for the purchase of the asset, execute the appropriate lease/purchase document, place the order with the contractor, and provide acceptance certificates to the Using Agency.
The document also includes attachments such as the Financing Request Certificate, Agency Checklist for Lease/Purchase Process, and Lease/Installment Purchase Determination Form.