GASB 87 New Lease Questionnaire - UGA as Lessee

The GASB 87 questionnaire is required to be completed by each UGA department that intends to lease a non-university owned asset. The questionnaire is designed to gather information about new lease activities in order to determine if UGA should record a lease liability. The Business Services and Accounting team will review each questionnaire for its completeness and determine if the lease meets the standards of GASB 87.


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GASB 87 Guidance (definitions & info): GASB 87 Guidance


GASB 87 Scope (specific examples): GASB 87 Scope


Present Value Calculator: Click here


Q&A: Click here

Contact Information

Phone

Lease Type

Please enter the lease type (copier, vehicle, water cooler, film, etc.).

Chartstring and Purchase Order (PO) Number

Please enter the applicable chartfields below, along with the corresponding PO number.

Do you have additional chartstrings to add?*

Lease Information

Is this lease excluded from GASB 87?*

If you are unsure, please see the GASB 87 scope document (linked on this form)

As payments are made, please record expenses to the typical account code (not an 8XXXXX).


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and attach it to your purchase requisition.

Per the contract, does UGA have a non-cancelable right to use the asset?*

If you're not sure, please see the GASB 87 Guidance document (linked on this form). The definition for "non-cancelable right to use" is on page 5.

Will this lease extend greater than 12 months, including any renewal periods?*
At the beginning of the lease, is it likely that you will exercise the options to renew?*

Note: It is normally UGA's practice to exercise options to renew.

If the lease will not extend beyond 12 months (including any exercised renewal periods), no further information is needed. Book an expense as payments are made to typical account code (not an 8XXXXX).


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and attach it to your purchase requisition.

Next, we have a few questions about valuation. Would you like to calculate the value using the Cash Price or Present Value of Future Minimum Lease Payments (PVFMLP)?*

The Present Value Calculator (linked on this form) is available for your reference.

Note: If you are using use the cash price method, please attach a copy of the cash quote to the purchase requisition. We'll remind you about this at the end of this form as well.

Note: If you are using the present value calculation method, please also attach a copy of the Present Value Calculator Excel file to the purchase requisition. We'll remind you about this at the end of this form as well.

Does the Cash Price OR Present Value of Future Minimum Lease Payments (PVFMLP) exceed the Asset Capitalization Threshold (CAP) for the item being leased?*

• Equipment > $5,000 = CAP

• Buildings > $100,000 = CAP

If the value is less than the capitalization threshold, no further information is needed. Please record the expense as 719200 for non-real estate assets (e.g., copiers, water coolers) or 748100 for real estate expenses (e.g., rental or office space)


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and attach it along with any other supporting documentation to the purchase requisition. Save a copy of this email internally for audit request support.


If you elected to use the cash price method, please attach a copy of the cash quote to the requisition.


If you elected to use the present value calculator, please attach a copy of the Present Value Calculator file to the requisition.

Will UGA own the asset at the end of the lease?*

If UGA will own the asset at the end of the lease, no further information is needed. Please be sure to book expenses for this lease as Financed Principal (Account Code: 8181XX).


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and attach it along with any other supporting documentation to the purchase requisition. Save a copy of this email internally for audit request support.


If you elected to use the cash price method, please attach a copy of the cash quote to the requisition.


If you elected to use the present value calculator, please attach a copy of the Present Value Calculator file to the requisition.

Does UGA have the right to control the asset by determining the nature and use of the asset as specified by the contract?*

If UGA will not have the right to control the asset, no further information is needed. Please be sure to book expenses for this lease under the typical account code (not an 8XXXXX).


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and supporting documents, and attach these to your purchase requisition. Save a copy of this email internally for audit request support.


If you elected to use the cash price method, please attach a copy of the cash quote to the requisition.


If you elected to use the present value calculator, please attach a copy of the Present Value Calculator file to the requisition.

If UGA will have the right to control the asset, no further information is needed. Please be sure to book expenses for this lease as Lease Principal (Account Code: 8183XX).


Next steps: Please submit this form. You will receive an email with your responses. Please save this email and attach it to your purchase requisition. Save a copy of this email internally for audit request support.


If you elected to use the cash price method, please attach a copy of the cash quote to the requisition.


If you elected to use the present value calculator, please attach a copy of the Present Value Calculator file to the requisition.

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