A lease that does not meet one or more of the criteria included in the Capital Lease definition. In addition, at the University of Washington, any lease where the cost of documentation, accounting and disclosure, and audit support significantly exceeds the benefit to University stakeholders will be accounted for as an operating lease, even if it otherwise meets the capital lease criteria. Generally, the present value of the lease payments needs to be $1M or more in order for a lease to be considered capital but Financial Reporting will help with the proper determination. Operating leases should be coded 03-XX with the sub object code range of 80-89.