General

When a capital project requires financing, submit an application for University financing in conjunction with the submission of the Project Approval Request to the Director of Debt at the University Treasurer’s Office . The Director of Debt reviews the application with the respective unit and submitts to the Vice President for Administration and Chief Financial Officer for approval.

Application

The unit requesting the loan must complete the required information in the "Application" section of the application form. To facilitate the review and approval process, be as specific as possible.

• "Project Description" - Describe the capital project (Please proivde PAR number).
  
  
• "Project Cost " - Provide the total cost of the project including amounts that do not require financing.
  
  
• "Requested Loan Amount" - Specify the amount of the total cost for which financing is requested.
  
  
• "Reason for Requesting Loan" - Describe the reason(s) that the project needs financing rather than being funded directly from some other source.
  
  
• "Source(s) of Repayment" - Specify the source of funds that will be used to repay the loan. Be as specific as possible.
  
  
• "Term of Beneficial Use" - Provide the estimated length of time that the asset to be financed will be used. (If necessary, please refer to the University Capital Asset Policy 3.9.
  
  
• "Requested Repayment Period" - Identify the requested number of months/years over which repayment will be made. This period must be less than or equal to the term of beneficial use.
  
  
• "Requested Repayment Option" - Select one of three options for repayment of debt during the project. The option of compounding interest during the project must be justified in the "Other Comments" section.
  
  
• "Other Comments" - Describe any additional provisions or information that are not covered elsewhere.
  
  
• "Requesting Unit" - Indicate the unit that is responsible for the application and repayment of the loan.
  
  
• "Contact Person" - Indicate the person that can be contacted on questions or the specifics of the administration of the loan.
  
  
• "Unit Approval" - Approval of the Dean, Vice President, or Associate Vice President responsible for the unit requesting the loan is required for the loan application and repayment provisions prior to submitting the application to the Director of Debt's office for review and approval.

Terms of Loan and Approvals

The information included in the "Terms of Loan and Approvals" section of the application will be completed by the Director of Debt.

The Director of Debt reviews the terms and conditions of the loan application and determine the most suitable source of financing based on financing availability, project eligibility, and repayment terms. The University Treasurer reviews all loan applications. The Vice President for Administration and Chief Financial Officer will approve a repayment period and repayment option.