Funding Approvals for capital projects are managed by Campus & Strategic Planning in collaboration with Financial Affairs. Projects may be funded from a variety of sources including but not limited to gifts, school/department reserves, institutional reserves, permanent debt and/or grants/funding from government agencies. Projects funded from an operating budget may still be a capital project and will transfer to the capital account upon approval. Capital projects are determined by the General Accounting Office and Financial Affairs policy 166-08 based on the work being done.
The diagram below shows required capital project approval levels. The Board of Directors approves all capital projects of $750,000 or more. When the Board of Directors grants Design Approval, the project is funded to the presented budget amount. No more than the approved amount may be spent, or committed, without subsequent approval. All funds must be identified as a prerequisite for Construction Approval. Requests for funding approvals must be identified and documented in a project Business Plan (tollgate) as part of the Board of Directors submission materials.
Campus and Strategic Planning facilitates the approval process with guidance from leadership and university stakeholders. Project timelines can vary based on project complexity, size, and risk. For scheduling purposes, the Finance Subcommittee of the Presidents Executive Committee meets monthly, and the Board of Directors meets three times each calendar year (June, October, and February).