UCL Financial Regulations - Capital Expenditure

14. Capital expenditure on property (i.e. that relating to the acquisition, construction, adaptation, or improvement of property) shall only be incurred by the Director of Estates & Facilities, in the following ways:
• for projects with a value not exceeding £2 million (a rent is deemed to be a capital sum equivalent to ten times the amount of the annual sum) sourced from funds without specific conditions attaching, the approval of the Estates Management Committee and the Provost has been received;
• for projects in excess of £2 million, detailed options and financial appraisals have been prepared and the spending of monies for that purpose from UCL funds has been sanctioned by Finance Committee;
• for projects in excess of £5 million, detailed options and financial appraisals have been prepared and the spending of monies for that purpose from UCL funds has been sanctioned by Council;
• the spending of specific grants, obtained from the Higher Education Funding Council for England or any other grant-awarding body or benefactor, has been sanctioned by that body, except that the Finance Committee or Estates Management Committee may authorise expenditure, pending the receipt of a Capital Grant, where a firm commitment to funding has been received.
15. The Director of Estates & Facilities shall present a progress report on all current capital projects to each meeting of Finance Committee, including a final report in respect of completed projects.

Further information can be seen at Current Major Projects

This page last modified March 22, 2013 by Web Editor.