|CMP 430-16: Rentals/Leases|
To list and define the rentals/leases object and sub-object expenditure codes
Advantage accounting system
Continued payments for rentals and leases (operating leases) do not create a transfer of title to NAU, unlike lease/purchase agreements, which provide for transferring the title to NAU upon completion of a predetermined number of payments.
A copy of Federal Form 1099 is sent to all providers of rental services annually when expenditures total $600 or more, or if royalty fees/copyright payments total $10 or more, except for providers that are colleges or universities, corporations, or university departments. The sub-object codes provide information that is used by the university to generate Federal Form 1099.
|Sub-object Code Name||Code Number||Definition|
|Computer Leases||7365||10||Payments made to rent computers and related peripheral equipment. These payments do not include expenditures for lease/purchase agreements.|
|Rentals-Radio Broadcasting||7360||65||Rental of equipment for broadcasting of athletic events|
|Copier/Duplicating Equipment||7360||90||Payments made to rent copier/duplicating equipment. These payments do not include expenditures for lease/purchase agreements.|
NAU Home Page | Comptroller's Office Home Page | Back to Table of Contents
Back to Top