Lease Object Codes Changing Effective July 13

Sent to the KFS-Update mailing list on July 12, 2018

Starting in fiscal year 2018-19, only two lease codes may be used to record lease expenses. Effective July 13, 2018, all units must use the following object codes to record lease expenses:

  • Cancelable Leases: Object Code 4000 - SPACE LEASE CANCELABLE
  • Non-Cancelable Leases: Object Code 4010 - SPACE LEASE NON-CANCELABLE
Both lease codes are excluded from modified total direct costs and exempt from the indirect cost calculation. In rare cases when indirect cost is to be charged on lease expenses, Contracts and Grants Accounting will work with departments on proper award setup to allow for the indirect costs to be captured. Expenses recorded under lease object codes 5101 and 5102 will be changed to object codes 4000 and 4010 respectively, and object codes 5101 and 5102 will be inactivated and closed for Fiscal Year 2019. 

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