The UBC community is invited to comment on proposed amendment of Policy #126.
The existing Policy #126 is focused on Board approvals for architects and engineers for major construction projects.
The proposed amendments to Policy #126 expand its scope considerably to establish approval processes for Capital Projects (Construction Projects and IT Projects), Capital Purchases, and Internal Loans.
The purposes of this proposed amended Policy are to:
- ensure the appropriate oversight of capital expenditures and internal loans commensurate with the value and risk associated with those activities; and
- establish a framework for requests, approvals, monitoring and reporting.
The proposed amended policy establishes tailored processes for each subject matter.
- With respect to both Construction Projects and IT Projects:
- Projects valued at $5 million and greater require Board approval, with preliminary approval from the President’s Executive Committee.
- Projects valued at less than $5 million require the approval of the President’s Executive Committee or their delegate.
- Approval requests must be made in accordance with the administrative directives issued by the relevant authorities (described in the proposed policy).
- There is a process to address proposed increases to the approved budgets.
- The Procedures to the Policy set out details of various approvals (for example, Board 1, 2 and 3 approvals)
- With respect to Capital Purchases, which are purchases of assets used for productive purposes and with an expected useful life in excess of one year, these are to be approved in keeping with UBC’s Signing Resolutions.
- With respect to Internal Loans, which are loans made by the UBC Treasury to UBC’s own academic, administrative and ancillary units in return for a commitment to repay the loan:
- Loans valued at $5 million and greater require Board approval, with preliminary approval from the President’s Executive Committee.
- Loans valued at less than $5 million require the approval of the President’s Executive Committee or their delegate.
- All applications for Internal Loans must be made in accordance with the administrative directives issues by the Vice President, Finance & Operations.
To reflect the expanded scope Policy #126, the amended policy will be renamed: Capital Projects, Capital Purchases and Internal Loans
The proposed amendment of Policy #126 is now being published and all members of UBC’s community are encouraged to provide their comments. Please submit feedback to the Office of the University Counsel at email@example.com by March 31, 2017.