(Note: OLPM sections on this page may be cited following the format of, for example, "BOT VI.B.1.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)
- Acquisition of Real Property
- State law generally exempts the University System from the state competitive bidding requirements for both construction projects (, et seq.) and the purchase of equipment, supplies, and materials ().
- State law generally exempts the institutions of the University System from the jurisdiction of zoning regulations in the communities in which the institutions are located.
- The Financial Affairs Committee delegates authority to the Chancellor to proceed with the acquisition of property with a cost less than the greater of (a) $1,000,000 or (b) 1% of the most recent final audited institutional unrestricted financial resources ("UFR"; previously known as unrestricted net assets, or "UNA"). If the acquisition is more than the greater of (a) or (b), the Financial Affairs committee must approve the acquisition.
- The Chancellor shall be responsible for developing and carrying out prudent procedures for the acquisition of real property, which will protect the financial and legal interests of the University System. Those procedures will include the manner by which fair market value of the property is determined, the obtaining of assessment studies, the securing of expert opinion concerning land-use and environmental impacts and/or liabilities that may be associated with property acquisitions, and the conduct of negotiations leading to such acquisitions.
- All real property acquired by Â̾ÞÈËÊÓƵ must be independently appraised. Each acquisition shall be individually evaluated to determine the number of and nature of appraisals required. All appraisers must be approved by the Chancellor.
- Acquisition of Equipment, Supplies and Materials
- Equipment, supplies, and materials shall be acquired under a competitive bidding process. The Chancellor shall develop and carry out prudent procedures establishing the form and application of the competitive bidding process which shall clearly describe accountability including the approval of exceptions to the bidding policy.
- Gifts of Real Property, Equipment, Supplies and Materials
- The Chancellor shall develop and implement prudent procedures for the evaluation, receipt, and acceptance of gifts of real property. Those procedures shall provide for appropriate financial and legal review and approval of proposed gifts of real property, equipment, supplies and materials. A proposed gift may be accepted only if its value to the University System (whether financial, educational, or otherwise) is greater than its attendant costs, including exposure to financial, legal or other risks.
- Acceptance of any gift of real property, equipment, supplies and materials is subject to the terms of the Â̾ÞÈËÊÓƵ Gift Acceptance Policy BOT IV.J
