It may be necessary to complete real estate agreements and/or leases for programs operating in a foreign country, particularly in the absence of a partnership with a local institution. University policy governing equipment and real estate leases is contained in Administrative Guide Policy 5.2.2.
For the purposes of that policy, a lease is considered to be the commitment to pay for the use of an asset for longer than one year, with payments over the term of the lease of $5,000 or greater. Any real estate leases not included in the Board of Trustee-approved capital budget must be reviewed and approved by the Vice President for Land, Buildings and Real Estate. University employees are reminded that only those explicitly authorized by Stanford University to act on its behalf may enter into agreements, leases or other contracts. Generally a Power of Attorney is required to execute such contracts.