Capital projects refer to all construction, renovation, improvement, fabrication, and customization projects where capital costs are greater than or equal to $100,000, and non-operating repairs and maintenance funded by long-term maintenance reserves.
Capital projects include: new construction; renovations and additions to existing structures; improvements that correct inadequacies, extend the life, or change the use of existing space or systems; fabricating equipment; and customizing and installing infrastructure.
A capital project is any undertaking which requires the use of notable amounts of capital, both financial and labor, to undertake and complete. Capital projects are often defined by their large scale and large cost relative to other investments requiring less planning and resources. Generally, these are intended to improve an asset, or the base of assets that are the infrastructure that drives or supports the business model.
To be included in the Capital Project Budget, a project must meet ONE of the following requirements (criteria):
It is a new construction, expansion, renovation, or replacement project for an existing facility or facilities. The project must have a total cost of at least $100,000 over the life of the project. Project costs can include the cost of land, engineering, architectural planning, and contract services needed to complete the project.
- OR -
It is a purchase of major equipment (assets) costing $50,000 or more with a useful life of at least 10 years related to the facilities of the campus.
- OR -
It is a major maintenance or rehabilitation project for existing facilities with a cost of $100,000 or more and an economic life of at least 10 years.