FMPM 470 Leases (Excluding Real Property)

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To set out the requirements regarding compliance and approvals for leasing.



Responsibility of

Approval to enter a lease arrangement

Refer to the Financial Delegations Register

Compliance with a lease agreement

Lease Custodian

Maintenance of a lease register

Chief Financial Officer

Definitions (Related Glossary Terms)


Lease Custodian

Real Property



  • As a "Statutory Body - other than Local Government", the University is bound by the requirements of Leasing in the Queensland Public Sector - Policy Guidelines released by Queensland Treasury. Accordingly the following policy guidelines apply:

    • Queensland Treasury Corporation (QTC) must be invited to quote or tender on all University leasing applications;

    • the most cost effective financing option for the acquisition must be adopted;

    • where any operating lease has a total net present value of base lease rental payments in excess of $2 million then approval must be sought from the Treasurer under the State Borrowing Program;

    • where a "master" lease facility is in place, under which individual leases may be entered into by the University from time to time within a specified limit, and the limit exceeds $2 million then approval must be sought from the Treasurer under the State Borrowing Program; and

    • a finance lease is considered to be a borrowing.  If the lease is a finance lease then approval to enter into the lease must be sought under the State Borrowing Program from Treasury. In addition, FMPM 430: Policy - Borrowing requires the approval of Finance Committee and Council prior to negotiating borrowing arrangements.

  • The approval to lease, must be granted by one of the following officers:

    • Deputy Director, Services and Resources

    • Chief Financial Officer

  • The University will not enter into a leasing arrangement where the aggregate purchase cost of items is less than two hundred thousand dollars ($200,000).  This is referred to as the minimum leasing limit.

  • The responsibility for ensuring that the University remains in compliance with the terms of the lease agreement resides with the Lease Custodian.

  • The Chief Financial Officer is responsible for maintaining a register of leases, detailing:

    • the description of property covered by the lease;

    • the lessor's details including name and address;

    • the lease contract number;

    • the commencement and expiry dates of the lease;

    • the lease payment amounts;

    • a notation as to whether it is an operating or finance lease for accounting   purposes; and

    • a reference as to where a copy of the lease agreement is filed.

Related documents and legislation

Financial and Performance Management Standard 2009 (s25)

Statutory Bodies Financial Arrangements Act 1982 (s32, 33, 34 & 35)

Australian Accounting Standard (AASB) 117 Leases

Leasing in the Queensland Public Sector – Policy Guidelines 

For enquiries in relation to this FMPM Policy please contact


NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Policy Domain

University Management

Policy Sub-domain


Policy Custodian

Chief Financial Officer

Approval Authority

Vice Chancellor

Date for next Major Review


Revision History


Approval date

Implementation date






Titles amended to reflect current organisation structure and current delegation practice.Quality Standards and Policy Officer




Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework

Quality Standards and Policy Unit




Finance Committee (13/11/12)





Finance Committee (06/11)