Repair & Replacement Reserve Administrative Policy
The purpose of this policy is to allow departments to establish repair and replacement reserves to accumulate funding for the replacement of assets costing more than $50,000 and that are funded from departmental operating budgets.
The major requirements of this policy are as follows:
- Specific equipment items must be funded up front.
- The cost must exceed $50,000.
- The equipment is of the type that would not be replaced on an annual cycle.
- The reserve must be funded each year.
- Reserve funds may not be returned to the operating budget.
- Annual contribution and total project costs cannot exceed levels on the authorization form.
Any questions about this policy should be directed to the University Controller, (804)828-5474, firstname.lastname@example.org.