This Guide Memo describes policies that apply to equipment leases. Capital and operating lease liabilities utilize the University's debt capacity. All uses of debt must comply with the University's debt policy and require prior approval. The only parties authorized to execute documents that commit Stanford to an equipment lease obligation are the Director of Procurement, the CFO, or their designees. For relevant policies, see section 1 in Administrative Guide Memo 5.1.1: Procurement Policies.