Debt financing may be required in support of capital projects.
May 2023Responsible Office
The V.P. for Finance and Treasurer is responsible for selecting the debt financing alternative appropriate for capital projects. All debt financings must be supported by an identified debt service funding source.
Internal loans for capital will be managed by the Office of the V.P. for Finance and Treasurer. The status of internal loans for capital must be reviewed quarterly and reported to the V.P. for Finance and Treasurer.
All capital projects with total cost greater than $5,000,000 must be approved by the Trustees.
The Office of the V.P. for Finance and Treasurer is responsible for administering debt service requirements and ensuring compliance with applicable debt covenants, if any.