Effective Date: December 8, 2009
Last Reviewed: December 8, 2009


Capital spending consists of (a) the purchase of equipment at a cost in excess of $5,000 and a useful life of greater than one year or (b) the construction, renovation, or other improvement of facilities at a cost in excess of $5,000 and a useful life of greater than one year.

A capital expenditure will be incurred only if it has been reflected in the College’s capital budget (capital expenditures not included in the capital budget may be incurred on an exception basis). A project’s inclusion in the capital budget indicates that the project has received tentative approval.

Once a project is included in the capital budget, final approval must be obtained before a capital expenditure can be incurred. Projects with a cost of less than $25,000 require the approval of both the Vice President of the division proposing the project and the Vice President for Finance & Treasurer. In addition, projects with a cost of $25,000 and greater require final approval from the President. Projects with a cost of $1 million or greater require the approval of the Board of Trustees during the annual budget approval process. In the case of an emergency, the Vice President for Finance and President may obtain approval from the Chair of the Finance Committee, of the Board of Trustees, to incur a capital expenditure of $1M or above.

For more, refer to the College’s space renovation policy and capital spending procedures.