Capital Project Milestones
Capital projects whose cost exceeds $10M require Trustee approval at four project milestones. Each milestone has specific funding requirements relative to the project fundraising target.
See the offical Capital Project Milestones table.
Milestone 1 – Planning and Feasibility
The Planning and Feasibility phase validates the need for a project, defines the program
options and determines space needs associated with the program. This phase also includes
a conceptual design study and produces a comprehensive project cost analysis. Work
during the planning and feasibility phase must be funded through reserves or gifts.
Milestone 2 – Schematic Design
Schematic design develops the project in greater detail to more fully define the design
components and validate the cost estimate. Schematic design is funded through reserves,
gifts and/or debt. Ten percent (10%) of pledged commitments of the estimated fundraising
target must be achieved before seeking Trustee approval for this phase.
Milestone 3 – Completion of Design
Completion of design includes the very detailed and technical work of producing the
construction drawings and specifications that are used for construction. These documents
fully define all assemblies and systems. Completion of design must be funded through
reserves, gifts and/or debt. Fifty percent (50%) of pledged commitments of the fundraising
target must be achieved before seeking Trustee approval for this phase.
Milestone 4 – Construction
Construction must be funded through reserves, gifts and/or debt. Eighty percent (80%)
of pledged commitments of the fundraising target must be achieved before seeking Trustee
approval for this phase.