Scope

Policy Statement

This policy sets forth the procedures that shall be followed to execute a lease agreement.

An academic unit planning to lease space must obtain the approval of its dean. The dean will submit to the Office of the Vice Chancellor and Provost or his/her designee a space proposal that shall include a justification for the need of the space, a description of the space needed, length of lease term, and the funding source for the lease payments. Upon written approval by the Vice Chancellor and Provost or his/her designee, the University's Real Estate Office will commence the search for appropriate space. The SU Abroad division, in addition, shall follow the lease policy outlined in the University's International Property Purchases/Sales/Leases Protocols.

An administrative unit planning to lease space must first obtain the approval of its director or department head. The director or department head shall submit to his/her Cabinet Officer or designee a space proposal that shall include a justification for the need of the space, a description of the space needed, length of lease term, and the funding source for the lease payments. Upon written approval by the Cabinet Officer or his/her designee, the University's Real Estate Office will commence a search for appropriate space.

The Real Estate Office will locate appropriate space and negotiate the lease agreement with the landlord. The Real Estate Office shall be assisted by the Office of Campus Planning, Design & Construction in identifying appropriate space. The Real Estate Office shall review the lease agreement with the University's vice president and general counsel, the Office of Risk Management, the Office of Budget and Planning, and other University departments it deems appropriate, and obtain their approvals of the lease agreement's terms and conditions. The lease agreement will be executed by an Officer of Syracuse University. Copies of the lease agreement will be provided to the Cabinet Officer or designee, the Vice Chancellor and Provost or designee, the Executive Vice President/CFO, and the University unit occupying the leased space. It is the responsibility of the unit occupying the leased space to make arrangements with the University's Disbursements Processing Department for the monthly lease payments.

All leases that exceed an annual lease payment of $50,000 or exceed lease payments of $500,000 over the term of the lease agreement shall be reported to the Facilities Committee of the Board of Trustees and approved by the Executive Committee of the Board of Trustees. An annual report of University leases will be prepared and submitted to the Facilities Committee.

The rental of space for a short duration, such as renting an auditorium for one evening, a banquet facility for a social function, or conference space for a meeting, will be administered following the University's Purchasing Department and Risk Management Department procedures.

Policy Administration

• The Office of Real Estate Services

Links to Procedures and Related Information

• Real Estate, International Property Purchases/Sales/Leases Protocols
• Real Estate Transactions
• Real Property, Gifts of

Amended: November 2006