Idle Equipment Equipment that currently has no known use for the department, contract, or grant but eventually may be used. The rights reserved by a university department to the calculated proceeds of an equipment sale. Inventorial Equipment Capital equipment and any other equipment designated by a sponsor for inventory. ISR Interdepartmental sales rights. An agreement for the right to use property for a specified period at a specified cost.
Title remains with the lessor.
At no time does the lessee build equity in the property. Purchase An agreement for the right to use property for a specified period at a specified cost. During the term of the lease, the lessee builds equity at a specified rate so that, at the end of the lease period, the lessee has the option of purchasing the property at a specified amount. Title to the property remains with the lessor until the lessee exercises the option to purchase. Personal Property Property of any kind except real property or property permanently affixed thereto.