The agreement between the College President and the Board of Trustees shall stipulate that capital improvements to the President’s residence, i.e. Havemeyer House, requires the approval of the Board of Trustees Human, Financial, and Capital Resources Committee.
For the purpose of this policy, a capital improvement is defined as any expenditure in excess of $10,000 that improves the value and/or extends the useful life of the residence and its grounds. The improvement may involve the creation of, addition to, or restoration of structural or functional capacity of the property.
Reason for Policy
Sets forth policy and procedure for approval of capital improvements to the President’s Residence.
To Whom Does The Policy Apply
President of the College, Vice President for Administration and Finance
Office of the President