How does the approval process work?
Approval is based on sponsoring agency guidelines and on the reasonableness of the justification for the use of the unspent account balance. Upon approving a request, OSP notifies the sponsor and authorizes Grant and Contract Accounting (GCA) to extend the budget which then enters it on-line. If the no cost extension request cannot be approved by OSP under the sponsor guidelines, the Grant and Contract Administrator will countersign the request and forward it to the agency for their review and approval. If the agency approves the request, OSP will authorize GCA to extend the budget and enter it on-line.
The approval process has been stream lined to be as simple and fast as possible. We limit the application to one page, or just a few questions by phone which do not include financial information. You can then finance up to: $250,000 for hard asset equipment, or $150,000 for soft collateral equipment. The time to process these applications is pretty quick and usually ranges from a few hours to 24 hours (not including weekends). Once your application is approved, we then send you the prepared lease documents for your signature. After you sign the agreement, we will then issue a purchase order to the vendor for the equipment. Once you receive the equipment, Sun Funding Solutions, LLC. will then pay the vendor and your lease goes into effect. Who can lease equipment from Sun Funding Solutions, LLC. ? Any business, company, association, non-profit organization, or individual that intends to finance equipment for business or commercial use.
