This summer, a Capital Governance structure was developed in partnership with the Provost Office to streamline requests for capital development and renewal. Over the summer, the Capital Governance Charter was created, and a committee and subcommittee were established to guide the university's future financing for major projects in line with the university's strategic priorities.
The Capital Governance Charter outlines who can be on the committee, sets standards for capital project documents, and outlines the steps to turn a proposal into a completed capital project. The Capital Governance Committee (CGC), comprised of members from the Office of the Provost and Finance and Administration, will:
- Guide the President and top leaders on prioritizing capital projects aligned with Rice's main goals.
- Offer advice on capital funding approaches and their associated risks.
- Oversee the university’s entire capital management process, encompassing planning, evaluations, and future financial predictions.
- Share updates on capital projects, including their progress, expenses, and timelines.
- Propose ideas for buying or selling property.
- Suggest policies based on best practices to ensure effective capital management.
The Capital Governance Subcommittee, which includes members from the Office of the Provosts, the Office of Development and Alumni Relations, and Finance and Administration, will help the CGC. They'll gather and analyze information and create suggestions for the committee to consider. Additionally, the subcommittee will:
- Decide the prioritization of facilities budget requests.
- Create and maintain a 10-year list of priority capital projects.
- Inform the CGC about possible property buys/sells.
