What is a Capital Project?

A capital project is any activity to acquire, develop, improve, or maintain a capital asset. A capital asset is a tangible asset with a useful life longer than a year and is not intended for sale in the regular course of operations. Capital assets are generally buildings and building components, laboratories, machinery, or equipment. Capital projects include those funded by operating and capital budget monies, bond funds, capital leases, third party developer projects and restricted gifts.

Requests for new space must include a program-based rationale and prioritization, explanation and documentation indicating why the use of existing space is not feasible. A space study may be required to investigate the campus wide existing space inventory to help determine if anticipated space needs can be satisfied.

Capital Project requests, including new or existing building renovations, equipment, and campus infrastructure will typically be discussed and approved during the annual Budget Cycle Approved projects will be completed the following summer unless they can be completed during the upcoming academic year without disruption

Projects that are discussed outside of the Budget Cycle and anticipate a project budget equal to or greater than $5 million must be approved by the following committees:

  • Grounds & Building (G&B) to ensure such projects are consistent with the College‚Äôs Campus Master Plan.
  • Financial Policy Committee (FPC) to authorize financing options after Schematic Design.

What is the dollar threshold for Capital Requests?

Capital asset is a minimum cost of $5,000 for single item equipment related purchases and a capital project is a minimum cost of $25,000 for repairs, renovations and the like.

How do I submit a Capital Request?

Review the Requester Checklist for Capital Projects.

If the checklist is complete, log in to Anaplan and proceed to the Capital Planning module.

Who approves a Capital Request?

A project will need various levels of approval depending on the estimated project budget and stage of the project:

Proposed Project BudgetFinanceEVPPresidentG&B and FPC CommitteesBoard
Feasibility
< $0.1 millionX(inform)
> $0.1 millionX(inform)
Schematic Design Through Construction
< $1 millionX
$1-3 millionX
$3-5 millionX(inform)
> $5 millionXX

X – indicates approval needed
(Inform) – indicates reporting is available to review

A project resolution approved by G&B and the Board and a funding resolution approved by FPC and the Board is needed for a capital project with the following criteria:

  1. Any project that is $5 million or more
  2. For all projects included within the annual Capital Budget (as one resolution)

If a project is solely donor funded, the resolution to FPC will include verbiage to bring awareness of the possible financial risk to the College should pledges not be collected. FPC will also need to review the fundraising strategy provided by Development.

Scope and project changes that drive costs beyond the approved cost may require additional approval to continue.

Refer to chart above

What does the life cycle of a Capital Project look like?

For more information, please consider the following resources :