Capital Project Approval
No.: FM.103
Date: May 20, 1993
I. Purpose
To establish guidelines for the approval of capital projects.
II. Scope
This policy applies to all College Officers, Deans, Department Chairpersons and Administrators.
III. Definition
Capital projects - Those construction, renovation or renewal projects that are undertaken in New York Medical College facilities.
IV. Policy
It is the policy of New York Medical College that all capital projects receive the approval of the Board of Trustees prior to funding and commencing work/purchases.
V. Procedure
After preliminary approval (see Policy FM.102-Capital Project Origination) from a Dean or the Vice President Administration and Finance and final feasibility and cost analysis by the Facilities Management Department, the proposed capital project must receive the following approvals:
| Estimated Cost of Proposed Project | To Be Approved By |
|---|---|
| Up to $10,000 | Vice President Administration and Finance |
| Up to $25,000 | The President |
| Up to $100,000 | Facilities and Real Estate and Finance Committees of the Board of Trustees |
| Over $100,000 | Facilities and Real Estate, Finance and Executive Committees of the Board of Trustees |
VI. Responsibility
A. Facilities Management Department
1. Work through the Vice President for Administration and Finance, to obtain all necessary approvals prior to starting a capital project.
2. Provide advice and guidance with respect to the interpretation and administration of this policy.
