Capital Projects

What is a Capital Project?

A capital project can be a refurbishment of an existing building or the construction of a new building. It will have a total project cost in excess of £100k and will significantly improve the area. The decision as to whether a scheme should be capitalised rests with the Estate Services Finance Manager or the Treasury Manager.

What happens if I have a Capital Project in my Department/Faculty?

The costs of the project will be charged to a separate account held within Estate Services. These are WBS elements and are prefixed CP711. This means that the costs of the work will sit outside the Faculty/Departmental account structure.

What happens if my Department/Faculty is making a contribution?

The Estates Finance team will collect any Faculty/Departmental contribution. The timing of this transfer and the account code will be agreed with the relevant Finance Manager.

What about HEFCE funded projects, how do these work?

Any refurbishment or building work deemed to be capital will follow the procedure detailed above. If the project is for equipment and/or has a small amount of refurbishment work a restricted cost centre and internal order should be set up by the Faculty in their accounting hierarchy. The Estates Finance Manager will need a record of these account codes as expenditure is reported to and monitored by Capital Group. The income is received from HEFCE on a quarterly basis and this will be credited to the restricted cost centres annually.

For any other queries relating to Capital Project finance please contact Paula Lister, Ext. 37082 or e-mail p.j.lister@leeds.ac.uk.