APPROVAL AUTHORITY STATE PROPERTY TRANSACTIONS
|Transaction||Vice Chan. Fin.& Bus.||Chancellor||Bldg. & Prop. Com.||Board of Trustees||Board of Governors||Dept. of Admin||Council of State|
|Real Property Purchase/Sale / Easement|
|Interest valued less than $50,000||X’||X1||*||X||X|
|Interest valued $50,000 or greater||**||X||X3||X||X|
|Lease – Acquisition or Disposition|
|Annual rentA is $15,000 or less and term is 3 years or less||X2||*|
|Annual rentA is $15,001 – $25,000 and term is 3 years or less||X2||*||X|
|Annual rentA is $0 – $25,000 and in excess of 3 years||X1||*||X||X|
|Annual rentA is $25,001 to $49,999 term is not a factor||X1||*||X||X|
|Annual rentA $50,000 or more term is not a factor||**||X||X3||X||X|
* Reported for Information only ** Recommendation required X Approval Required
❖ Approval Authority for out-lease of space in buildings on Centennial Campus is outlined in “Centennial Campus Disposition by Lease.”
NOTE: All delegations are subject to necessary approvals from State Officials and Agencies.
A – Annual Rent includes base rent, plus additional rents for operating costs
1 Delegated by the Board of Governors to Board of Trustees less than $50,000 7/7/72. Delegated by Board of Trustees to Buildings and Property Committee less than $50,000 11/8/72. Board of Governors authorized Board of Trustees to delegate to Chancellor less than $25,000 but not delegated, 13/13/81. Authority to approve routine utility easements delegated to Chancellor by Board of Trustees 5/J 9/78. (Report to Board of Trustees for information only.)
2 Delegated by Council of State to Board of Trustees 8/9/72, amended 1/8/74. Delegated by Board of Trustees to Vice Chancellor for Finance and Administration 9/16/72. Delegation to Board of Trustees rescinded by Council of State 9/1/81. Delegated by Council of State to Department of Administration 9/1/81, in turn to Board of Trustees 11/30/81. Delegation increased by Department of Administration to Board of Trustees to $5,000/3 year limit 4/17/85. Delegation reaffirmed and increased to $12,000 by Board of Trustees to Vice Chancellor for Finance and Administration or appointed representative 11/9/85. Department of Administration by letter to Board of Trustees dated 10/23/00 delegated to Chancellor authority to execute leases not exceeding $15,000 in annual rent. Per recommendation of Chancellor, Board of Trustees authorized Vice Chancellor for Finance and Administration, and the Vice Chancellor’s appointed representative authority, subject to necessary approvals from State officials and agencies, to execute leases not exceeding $15,000 in annual rent.
3 Delegation to the Office of President to authorize the execution of leases valued up to $150,000 per year. Actions taken under the delegated authority will be reported to the Committee at its next scheduled meeting. Delegation to Office of President to authorize contracts to acquire real property valued up to $250,000. Actions taken under the delegated authority will be reported to the Committee at its next scheduled meeting. These delegations were approved and recorded in the minutes of the April 11, 2001 meeting of the Board of Governors Committee on Budget and Finance.