The Governmental Accounting Standards Board (GASB) Statement 87-Leases establishes a single model for lease accounting, based on the principle that leases are a means to finance the right to use an underlying asset.  Lessees will be required to recognize a lease liability and an intangible right-to-use asset. Lessors will be required to recognize a lease receivable and a deferred inflow of resources. This means that nearly every lease (here are certain exceptions) where the University is either the lessee or lessor and has a term >1 year must be capitalized and depreciated, regardless of the dollar amount. Leases with a term greater than one year can no longer be accounted for as a rental expense. An offsetting liability or asset would be recognized and amortized over the lease life.

In order to comply with GASB-87 starting in FY2021 (July 1, 2020), University Financial Services has formed a cross-campus work group to implement the PeopleSoft Lease Administration module and identify the universe of leases that may be affected and develop procedures for implementing the new standard. PeopleSoft Lease Administration will interface with Asset Management, Accounts Payable, General Ledger, Billing, Purchasing, and Project Costing.


  • Identify all types of leases at UVM that may be affected
  • Identify business needs for implementing the new GASB standard
  • Configure, set up security, convert data, and implement PeopleSoft Lease Administration to support lease accounting, management, and reporting
  • Documentation of configuration, user steps, security, and datamover scripts
  • Identify roles and responsibilities for new activities required to support implementation and document business process changes


Claire Burlingham, University Controller (Sponsor)
Lindsey Donovan, Assistant Controller for Financial Reporting & Accounting Services (Co-Project Manager)
Susan Skalka, Assistant Director for Business Systems, Enterprise Application Services (Co-Project Manager)
Kristin Bahn, Sr. Budget Analyst, Financial Analysis & Budgeting
Ean Briere, Programmer, Enterprise Application Services
Dawn Caffrey, Sr. Cost Accountant, Cost Accounting Services
Reiko Choiniere, Data Specialist, Cost Accounting Services
Patty Dubie, Sr. Accountant, Financial Reporting & Accounting Services
Erin Fitzgerald, Manager, Disbursement Center
Natalie Guillette, Director, Purchasing Services
Julianne Heisler, Real Estate Manager, Campus Planning Services
Renee Hunt, Manager, General Accounting
Sarah Mansfield, Campus Planning Services
Michael Meunier, Assistant Controller for Cost Accounting Services
Kristy Perry, Technical Analyst, ETS Enterprise Application Services
Cole Thomas, Sr. Business Analyst, Office of Operational Excellence


For more information, please contact Lindsey Donovan, Assistant Controller for Financial Reporting & Accounting Services