Lease / Rental of Property

There are certain sponsored projects for which lease or rental property is needed.  If you need to request that a lease/rental agreement be charged to a sponsored project, please follow the process outlined here.

1. Please contact the Virginia Tech Real Estate Management Office to initiate a new/renewal of a lease well in advance to provide sufficient time for the Office of Sponsored Programs to review and approve.  
2. Review the fund(s) to be used for the lease/rental agreement to determine if the costs are allowable and allocable on the grant.  Were the lease/rental costs included in the budget that was awarded by the sponsor?  If the costs were not budgeted or you have questions about the allowability or allocability of the costs on a sponsored project, please contact your grant/contract management post-award associate to discuss if prior approval from the sponsor is required.
3. Confirm that the period of the lease/rental agreement is fully covered by the period of performance of the sponsored project to be used.  If not, please provide a non-sponsored fund for the period outside the currently funded period on the sponsored award.  Even if a renewal is expected, the Office of Sponsored Programs cannot approve charges beyond the currently funded period of performance.  If additional funds are received, a modification of the lease/rental agreement may be processed by contacting the Real Estate Management Office.
4. Are there sufficient funds available in the funded budget to process the cost of the lease/rental agreement?  Banner Financial will not allow posting the expenditure if there are insufficient funds in the currently funded budget.   If not, department and/or principal investigator will need to determine how to fund the lease/rental agreement.

If the Office of Sponsored Programs receives a lease/rental agreement for which there are questions, the department contact will be contacted by the appropriate Grant/Contract Management post award associate to discuss the concerns/questions and discuss how to proceed.  It may require the department contract to work with the Real Estate Management Office to make changes to the lease/rental agreement.