Capital Project Defined
For university purposes, capital projects (projects) are defined as funds for construction of a
fixed asset. If the project qualifies, a separate distinct project number is created within the
Banner system in order to capture all expenditures related to construction for the purpose of
Qualification – A capital project must meet all three (3) of these criteria:
- $50,000 or more of capitalizable* expenditures
- Life of asset extended more than one year
- University will own the asset
*Note: Routine general maintenance projects, such as interior painting and replacement of flooring are not considered capitalizable and therefore cannot be considered a part of the $50,000 to determine if a project will result in a fixed asset.
The information contained within this page will help guide you to the necessary forms, policies and procedures, training, and tools needed to account for capital projects.
For project questions, please contact Jessica Gorrell at firstname.lastname@example.org or 336-758-6408.
Coming soon! For specific questions on Projects, please contact Jessica Gorrell on the Financial Accounting & Reporting Team.
Common accounts used with projects
A Project Summary Request form must be submitted to the Plant Fund Accountant, Jessica Gorrell, as the first step in setting up a project.
For help completing the form, please contact Jessica Gorrell at email@example.com or 336-758-6408. Completed documents can be faxed to 336-758-3120.