Financial Services Manual (FIN)

Interim Posting

Note: At the request of the provost, a vice provost, or a vice president, this policy has been posted in the interim between scheduled posting dates by University Policy Manuals Group because it has significant and urgent importance for the university community. This policy will be included in the publication process by the next feasible posting for online policies and procedures.


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Effective: 10/9/1989

Revised: 4/3/2014

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FIN 209: Construction Projects from Bond Financing or Private Fundraising

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Purpose

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To describe the policy for committing and spending construction funds on projects financed from bonds or private fundraising sources

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Source

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Arizona Board of Regents (ABOR), Gift Funded Capital Project Approval and Oversight Process Guidelines
University policy

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Policy

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Bond Financed Projects

No funds may be committed or spent for construction on bond financed projects until the project has received:

  1. Board of Regents’ Project Approval

    and

  2. Review by the Legislative Joint Committee on Capital Review (JCCR).

Gift Funded Projects

The determination that a capital project is to include a gift component will be coordinated by university and ASU Foundation leadership. Fundraising goals will be established, monitored, and adjusted. To the extent that cash gifts are not in-hand when Board of Regents’ project approval is requested, the submission will include a financing plan for:

  1. temporary bridge funding until gifts are received

    and

  2. permanent funding in case of gift shortfalls.

A quarterly capital project gift report will be submitted to Financial Services, which includes:

  1. summary of gifts and written pledges
  2. status of fundraising relative to established milestones
  3. status of past-due pledges and outlook for collection
  4. detailed schedule of gifts and pledge payments by donor and year

    and

  5. detailed schedule of outstanding pledges by donor and year.

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