Effective Date: June 20, 2023
Last Reviewed: June 20, 2023
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.
Each year, the capital budget will be approved by the Board of Trustees. Once a project is included in the capital budget, final approval for the project to proceed must be obtained before a capital expenditure can be incurred. All projects require the approval of both the Vice President of the division proposing the project and the Vice President for Finance & Treasurer.