Managing the budget, and allocating the funds are high priority for schools at the moment. With increasing budget cuts, schools are having to stretch their budget even further then before.Topped off with numerous staff and better equipment requests, school business managers need to use every tool in their box to make sure the schools budget can cover all of the schools needs.
One of the best ways a school business manager can release additional fund is via leasing. Used correctly and cautiously, a school can make its budget achieve so much more whilst reducing annual spend. Whilst assessing leasing options for the school, you should review the following key points for a successful lease
- Make sure that your lease is compliant, and meet the legal regulations around schools borrowing money. Just because your told it does, doesn’t mean it does. Make sure you look for a company with a proven track record of working with schools.
- With budgets being tightened, it’s easy to focus on the cheapest rental when comparing quotes for a lease. Schools tend to use equipment they lease beyond the lease period, and are often bombarded with overpriced extension and title fees. By getting confirmation of the end of lease costs, you are able to make a better decision on which provider to use.
- Schools that choose to return the equipment at the end of their lease (or after a secondary rental period) will be limited by the Terms and Conditions of the original agreement. By checking to see if your lease allows you to return the equipment, and who is liable for collection charges, you can save your school thousands of pounds.
- Keeping a track on where your leased equipment is, especially at the end of the agreement, can save your school a lot of money. By using an asset management tool, you can easily avoid late return fees.
- Many leasing companies provide different leasing structures for schools, allowing them to alter and increase the finance rate on the equipment. By asking for the interest rate along with each quote, you are able to track any changes between the agreements.
- Rapidly adapting technology, updated curriculum and how your pupils handle technology will all have key influencers on what your school needs to buy, when and who to purchase it from. Having the flexibility, provided by lessors such as Funding 4 Education, will enable your school to adapt their offerings to the students, giving the best learning environment possible
Understanding the constraints of some leases and the potential risks is key to making the right decision. If you have any question or concerns about leasing, get in touch with our specialist team today and we’ll answer any questions you have.
