The Board of Trustees Property and Facilities committee has voted to increase the threshold for transactions that can be approved by the chancellor and chief financial officer, without the committee’s input.
The board has traditionally delegated authority to University officers to make transactions under a certain amount to ensure the efficient conduct of University business, committee chair Jeff Martchek said.
That threshold is reviewed about every five years and was last updated in 2018. The vote on the threshold also was necessary because of changes to the charters of all Board of Trustees committees this summer.
The committee voted to increase the threshold from $5 million to $10 million for individual real property transactions, leases and projects.
“To ensure appropriate oversight, all approvals over $2 million must be reported to our committee and the Finance and Budget committee,” Martchek said.
The next Property and Facilities committee meeting is Sept. 24.
— Susan Jones
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