Policy

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

Related Documents

None

Contacts

Office of the President
(201) 684-7610

The Administration will submit requests for capital improvements for the Havemeyer House to the Human, Financial, and Capital Resources Committee as decision items for consideration.

Requests will include justification/rationale for the item, description, estimated cost and funding source. No contract or purchase shall be subdivided to avoid the requirement set forth herein for securing approval by the Human, Financial, and Capital Resources Committee.