Debt Management & Capital Budgets
The Office of Financial Affairs is responsible for reviewing and authorizing University debt, for monitoring debt and debt capacity, and for ensuring compliance with all debt requirements. The SVP Financial Affairs is responsible for assessing and recommending the most cost effective debt financing method to meet current operating and capital project requirements. All requests for debt financing must be reviewed in detail by the Office of Financial Affairs, and are subject to review and approval of the President and Board of Trustees.
The Office of Financial Affairs maintains a summary of approved capital projects and is responsible for establishing capital budgets and processing transactions in accordance with University policy, donor/grant restrictions, and federal/state regulations. In addition, a capital planning document is maintained for long-term planning.
ON THIS PAGE: Policies FAQs Contacts
Debt Management & Capital Projects require compliance with various University policies. Please consult the following resources:
- How do I prepare a Capital Project Budget?
Capital project budgets are typically prepared and submitted to the Office of Financial Affairs by the Plant department. For capital projects limited to movable equipment, the Procurement Services Office is available to assist the departments.
The ITS department must approve all computer, audiovisual and telecommunication requirements. Procurement Services assists with obtaining quotes, competitive bidding and negotiation of contracts.
- How do I obtain approval for a Capital Project?
- Approval and funding is required for all Capital Projects. With respect to major projects, the SVP for Financial Affairs & Treasurer receives written approval from the President and VP for Facilities and Operations for project budgets.
- Who oversees the project budget?
- The project manager is responsible for routine monitoring of their capital funds/budgets. Project managers must review and approve invoices, verify invoice codes are proper and payments are not in excess of budget. Additionally, the Office of Financial affairs monitors all capital project expenditures.
- What happens if a project is over budget?
- The Office of Financial Affairs monitors capital spending to ensure sufficient funding, resolve discrepancies, and closeout completed projects. If a charge exceeds the available budget, or if there is a question whether a charge falls within the project scope, the Office of Financial Affairs will work directly with the department to resolve any issues.
- Can I transfer or charge operating expenses to a capital project?
- No, capital projects (plant funds) are established to acquire or upgrade physical assets such as buildings, property and equipment and to fund renovations and deferred maintenance. These funds are not available for operating expenses, which are recurring in nature.
Debt Compliance & Capital Projects