A simple finance solution for your technology investment which preserves your cash for your core educational expenditure.
Why this framework?
There is an increasing awareness of the problems of compliance and value for money with regards to school leasing.
To address such concerns, Capita Asset Services, working in conjunction with UK Local Authorities, established the School Lease Framework, a standard, pre-qualified, and fully compliant operating lease facility for the finance of school ICT.
Working with the City of York as lead authority, Capita established a new OJEU tendered framework for the procurement of leasing facilities for educational establishments. This framework was scoped so that it can be accessed by all educational establishment in the United Kingdom.
Is the framework live?
This framework commenced on 18th July 2014 and can be accessed by all educational establishments to cater for their ICT and reprographic equipment operating lease requirements. The framework offers IAS 17 compliant operating leases, which can be arranged over 2, 3 and 4 years.
How does it work?
The Lease process in 7 steps:
You decide the equipment you need and the supplier(s) you want to work with.
Econocom approves your application and sends out contracts for your signature.
Once the contract is signed, Econocom sends you an Invoice Approval Form (IAF) and your chosen supplier a Purchase Order.
The supplier invoices Econocom and delivers the equipment to you.
When the equipment is delivered, you sign and return the IAF to Econocom.
On receiving your signed IAF, Econocom settles your supplier’s invoice
YOU CHOOSE THE EQUIPMENT,
YOU CHOOSE THE SUPPLIER AND
YOU CONTROL WHEN YOUR SUPPLIER IS PAID.
Econocom & the Education Sector
Econocom is Europe’s largest independent provider of Digital Finance. In 2015, we posted €2.3 billion of consolidated revenue. We operate across 19 countries and have been helping clients fund technology for over 40 years.
In the UK, we have extensive experience in the education sector. Over the last 5 years, Econocom has assisted over 500 schools and colleges to acquire suitable technology for their students and staff.
In 2012, Econocom funded all the Acer PC, laptops and servers used for the London Olympic Games. After the games, we remarketed this equipment into UK education, thereby building on the Olympic Legacy and delivering significant savings to the education sector.
Frequently Asked Questions
What is leasing?
Leasing is a contractual finance agreement where the user (the lessee) rents from the owner of the equipment (the lessor) over a contracted period (the lease term). This preserves the lessee’s cash for use in its core operational activities.
What are the payment options?
Quarterly or annually. Quarterly payment is only permissible in conjunction with a Direct Debit or Standing Order mandate.
What equipment can be leased?
All forms of new technology infrastructure including IT and operating software, tablets, multi-function devices (MFDs), electronic whiteboards and telecoms.
What type of lease does the framework provide?
All the lease options under the School Framework Agreement have been structured as Operating Leases
Are these leases compliant?
Our operating leases are designed to be IAS 17 compliant with your local authority, as per the Capita Schools Leasing Framework.
Can I work with more than one supplier?
Each lease can accommodate as many suppliers and as many invoices as you wish: one single lease for your entire ICT investment.