Procedure for Approval of Major Capital Projects
1. The Project Sponsor determines when a submission for approval of a Major Capital Project will be made and prepares the Formal Capital Project Approval Request and associated documentation. All Formal Major Capital Project Requests require approval of the Board of Regents before expenditures or preliminary design work can occur.
2. Formal Major Capital Project Approval Request submissions must include the following:
a. Project description;
b. Detailed justification for the project including proposed stakeholder management structure;
c. Identification of any special management/academic/operational issues;
d. Functional outline of the project including the space type, size, function, occupancy, and recommended acquisition method;
e. Confirmation from Facilities Management that the University Space Standards and Guidelines have been considered and, where feasible, met;
f. Timing implications and required start-up schedules;
g. Defined funding source and financial plan including cash flow projections;
h. Detailed Major Capital Project Estimate prepared by Facilities Management that includes the basis and assumptions under which the estimate has been prepared. Estimates must follow the Detailed Major Capital Project Estimate Form.
3. Approval of a Formal Major Capital Project Approval Request requires the following sequence:
a. Review by VPC and approved by the President or designate; and
b. Review and approval by CPDC; and
c. Review and approval by the Board of Regents Finance Committee; and
d. Review and approval by the Board of Regents
4. The decision of the Board of Regents is:
a. Approval granted for the Vice-President (Administration and Finance) to proceed as proposed following the Procedure for Management of Major Capital Projects; or
b. Conditional approval, requiring the qualification or provision of additional data; or
c. Deferred for future consideration through the CPDC; or
5. Board of Regents approval must include confirmation of the approved budget and preliminary construction schedule for each approved project.
6. In addition and in accordance with Sections 4.(2) and 37. of the Memorial University Act, approval of the Lieutenant-Governor in Council is required for certain projects, particularly those which incur liability or make expenditure for the purchase of lands or the erection of buildings.