34.1 Definition
A capital improvement project provides for the construction, repair, or improvement of buildings or grounds. This includes new construction, additions, renovations, renewals, repairs, site development, utility services, extensions and plant improvements, parking facilities, roads, fixed equipment installation and similar projects. A capital improvement project is defined by the Board of Regents as a project with a total project budget over $100,000. For accounting purposes, capitalization begins with a minimum project budget of $100,000 ($50,000 actual expenses for UIHC).
For construction, repair, or improvements of buildings or grounds with a total project budget under $100,000, Facilities Management Design and Construction and UIHC Capital Management are assigned the responsibility for managing the project when design professionals and contractors are utilized to complete the work.