A new policy will help the university keep a tighter leash on its spending.
The Ohio University Board of Trustees passed a resolution on Friday that will require board approval for all capital construction or renovation projects with a total budget of $500,000 or more.
Under the new policy, the university must submit a description and budget for the project as well as suggestions about how to fund it.
It also allows the board to hire an outside consultant that will provide a second opinion about the budget and costs of the proposal.
The funding and budget plans approved by the board are binding, and any further increases to it must be approved by the board.
The resolution does not require board approval for urgent repair or parts replacement.
Bill Decatur, senior vice president for Finance and Administration, said this new policy will provide appropriate oversight of the university's funding of capital projects.
Prior to this resolution, OU did not have a clear guideline regarding who had to approve project funding, Decatur said, adding that this new policy will bring the university in line with others in the state.
The board also approved $4.3 million in funding for three campus renovation projects scheduled for 2009.
Included in the projects are $900,000 in bathroom upgrades for The Convocation Center, $500,000 for new boilers in the south green and $2.9 million replacement roofs for several East and South green residence halls.
These renovations are part of a larger $7 million project by the Housing and Dining Auxiliary in fiscal year 2009.
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Frank Thomas
