Policy: BOT Capital Project Approval Policy

BOT Capital Project Approval Policy 
February 2010

To approve [1] capital improvement projects or changes to capital improvement projects which require the formal approval of the S.C. Joint Bond Review Committee at a public meeting; [2] project changes or change orders, including project changes or change orders which include add-alternates, and having a value of 3% or more of the approved project budget or which result in a cumulative increase of 3% or more of the approved project budget. Changes to the approved project budget comprised solely of add-alternates included in the original, approved project budget do not require Board approval. Approval of project change orders described in item [2], above, shall be by the Chair of the Board of Trustees and the Chair of the Facilities and Finance Committee and shall not require approval of the full Board. The Board shall approve both the project concept and the final project budget and such approvals may occur at the same time or in two or more steps.