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UCLA CAPITAL PROJECT FUNDING & TRACKING

The mix of external financing and cash contributions in a project’s Capital Improvement Budget (CIB) is determined by the housing debt capacity model. The priority in most instances is to minimize external financing and long term housing rate increases while still meeting the Performance Measurement Ratio requirements of the debt capacity model. There are four items in a project that may require cash contributions. 1. Group 2/3 Equipment: Equipment carrying the designation “group 2/3” equipment cannot use external financing. By definition, 2/3 equipment and furnishings are typically are not expected to last as long as the term of the external financing. 2. Parking Replacement Buyouts: The Housing Department must reimburse the Parking Department when a housing project displaces parking spaces. The amount to be reimbursed is determined by campus policy. If there is no parking spaces to be rebuilt as a part of the new project, the buyout funds typically are transferred to the Parking Department reserves and do not show in the project expenses. This buyout does show as part of the CIB. NOTE: If there are parking spaces to be rebuilt as part of the new housing project, or in a concurrent parking project, the cost of the buyout does remain in the project expense and can be externally financed. 3. Temporary Staging: Project costs associated with constructing temporary replacement facilities required during the construction phases cannot be externally financed. 4. Pre-Project Planning: In advance of a project’s regental approval, all costs associated with project planning must be funded with cash. However, if an IRS Declaration is made at the time the planning is started, those pre-project planning costs can be externally financed once regental approval is received. At the time of regental approval, cash contributions can be returned and replaced with interim financing (commercial paper). The advantages of having the cash returned are due to the differences in the various interest rates.  Typically, the planning interest rate required to be represented in the regent’s item is considerably higher what is charged for commercial paper. This results in the CIB having considerably more funds set aside for interim financing during construction than will be required.  The Short-Term Investment Pool (STIP) rate of earnings on reserves is typically higher than the Commercial Paper interest rate. Cash held is reserves will typically generate more interest income than the offsetting interest costs of not keeping those funds in the project. Over time, this will allow for more cash to be generated, which could be used to reduce the total amount of the project costs to be externally financed at the end of the project. For this reason all cash contributions are typically timed to be as late in the project schedule as possible.


The tracking of actual Capital Project appropriations and expenses is possible though the campus accounting system (QDB). Tracking is done on a monthly basis and compare against previously submitted drawdown schedules so as to understand future cash contribution requirements and overall project status (see sample report).


HOUSING's CAPITAL PROGRAMS PROJECT INFORMATION FY 2003-2004 Current FY Appropriations Commercial Project Name

Account

Paper (1)

Reserve

Major

Transfer (2) Maintenance(3)

Total

Southwest Campus

Construction

946390.01

143,270,000

4,008,875

-

147,278,875

Sproul Hall First Floor

Renovation

946460.01

8,545,000

1,000,000

-

9,545,000

Covel Dining

Renovation

946440.01

3,528,000

283,000

Courtside Renovation

Renovation

946509.01

6,727,000

-

Hedrick North

Construction

946490.01

63,028,155

-

-

63,028,155

Rieber North & West

Construction

946470.01

111,616,000

-

-

111,616,000

Hedrick North

Planning

946490.02

475,845

-

-

475,845

Rieber North & West

Planning

946470.02

844,751

-

-

844,751

DeNeve Plaza

Construction

946480.01

72,207,882

-

-

72,207,882

140,000

3,951,000

265,314

6,992,314

555 Glenrock Apt

Acquistion

948504.01

9,300,000

-

-

9,300,000

824 Hilgard

Acquistion

948508.01

1,505,662

-

-

1,505,662

1,526,132

1,526,132

720 Hilgard

Acquistion

948518.01

-

-

High Rise Renovation

Planning

948419.01

-

-

25,000

SWC Commons Study

Planning

948123.01

-

-

25,000

25,000

555 Glenrock Apt

Study

948895.01

-

-

150,000

150,000

726 Hilgard

Study

948896.01

-

-

150,000

Arrowhead Maint. Bldg Planning

941016.02

2,969,000

-

25,000

150,000

-

2,969,000

Arrowhead Rec Bldg

Planning

941016.03

1,947,000

-

-

1,947,000

Arrowhead Dng Svcs

Planning

941016.04

3,840,000

-

-

3,840,000

Guest House Sprinklers Renovation

946312.01

-

-

50,000

Guest House

Renovation

946430.01

-

-

-

-

NWC Litiation

Litigation

Fund 01117

-

-

-

-

Sunset Litigation Parking Buyout

Litigation

Fund 01118

-

TOTAL

431,330,428

2,821,246 8,113,121

50,000

805,314

2,821,246 440,248,863

1) Transferred to Fund #01487 (numbers in bold have gone to permanent financing) 2) Transferred to Fund #01430, #01118 or #01073 3) Transferred to Fund #01470

Pulled from QDB:

7/15/04


CAPITAL PROGRAMS PROJECT INFORMATION

Southwest Campus Housing Construction Account

946390.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

01430 4,500,000.00

Fund 01470

491,318.00 956,593.36 3,471.24 1,451,382.60 3,048,617.40 3,048,617.40

Total -

1487 143,270,000.00

-

103,592,781.48 8,304,234.68 9,718.63 111,906,734.79 31,363,265.21 31,363,265.21

-

1487 8,765,000.00

-

8,222,270.58 368,232.20 8,590,502.78 174,497.22 174,497.22

147,770,000.00 104,084,099.48 9,260,828.04 13,189.87 113,358,117.39 34,411,882.61 34,411,882.61

NWC-Sproul Hall 1st Floor Renovation Renovation Account

946460.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430 1,000,000.00 894,833.64 105,165.75 999,999.39 0.61 0.61

Fund 1470

Total 9,765,000.00 9,117,104.22 473,397.95 9,590,502.17 174,497.83 174,497.83

Covel Dining Renovation Renovation Account

946440.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430 283,000.00

Fund 1470 140,000.00

1487 3,706,784.36

Total

250,979.31 5,445.69 256,425.00 26,575.00 26,575.00

124,301.50 1,098.50 125,400.00 14,600.00 14,600.00

3,647,163.78 15,809.39 3,662,973.17 43,811.19 43,811.19

-

Fund 1470 265,314.00

1487 6,836,495.69

-

265,314.00 265,314.00 -

6,763,475.45 573.11 6,764,048.56 72,447.13 72,447.13

4,129,784.36 4,022,444.59 22,353.58 4,044,798.17 84,986.19 84,986.19

Sunset-Courtside Renovation Account

946194.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

01118

Pulled from QDB:

Total

7/15/04

7,101,809.69 7,028,789.45 573.11 7,029,362.56 72,447.13 72,447.13


CAPITAL PROGRAMS PROJECT INFORMATION

NWC-Hedrick North Res Halls & 1st Floor Renovation Construction Account 946490.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1470

1430

Total

-

-

1487 63,028,154.93

-

-

29,403,481.54 18,225,270.60 47,628,752.14 15,399,402.79 15,399,402.79

-

-

1487 110,766,967.17

-

-

16,213,671.18 66,470,560.63 82,684,231.81 28,082,735.36 28,082,735.36

63,028,154.93 29,403,481.54 18,225,270.60 47,628,752.14 15,399,402.79 15,399,402.79

NWC Rieber North & West & 1st Floor Renovation Construction Account 946470.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1470

1430

Total

NWC-Hedrick North Res Halls & 1st Floor Renovation Planning Fund Account 946490.02 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1487 475,845.07

-

475,845.07 475,845.07 -

475,845.07 475,845.07 475,845.07 -

NWC Rieber North & West & 1st Floor Renovation Planning Fund Account 946470.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1487 844,760.77

-

844,760.77 844,760.77 Pulled from QDB:

844,760.77 844,760.77 844,760.77 7/15/04

110,766,967.17 16,213,671.18 66,470,560.63 82,684,231.81 28,082,735.36 28,082,735.36


CAPITAL PROGRAMS PROJECT INFORMATION

DeNeve Plaza Construction Account 946480.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

01118 7,025,000.00

Fund 1430 16,000,000.00

6,856,190.51 61,940.75 6,918,131.26 106,868.74 106,868.74

15,971,024.30 28,975.70 16,000,000.00 -

Total 01487 72,207,882.39

01470* 254,959.31

71,147,768.96 418,668.78 71,566,437.74 641,444.65

254,959.31 254,959.31 -

641,444.65

555 Glenrock Purchase Acquisition Fund Account 948504.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

824 Hilgard Purchase Acquisition

1470

Total

-

1487 9,300,000.00

-

9,268,320.85 9,268,320.85 31,679.15 31,679.15

Closed Fund

Account 948508.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

9,300,000.00 9,268,320.85 9,268,320.85 31,679.15 31,679.15

1470

Total 1487 1,505,662.36

-

1,505,340.77 1,505,340.77 321.59 321.59

1,505,662.36 1,505,340.77 1,505,340.77 321.59 321.59

720 Hilgard Purchase Acquisition Fund Account 948518.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1470

Total

-

1487 1,526,132.48

-

1,526,132.48 1,526,132.48 Pulled from QDB:

1,526,132.48 1,526,132.48 1,526,132.48 7/15/04

95,487,841.70 94,229,943.08 509,585.23 94,739,528.31 748,313.39 748,313.39


CAPITAL PROGRAMS PROJECT INFORMATION

High Rise Renovation Planning Study Fund Account 948419.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1470 25,000.00

-

3,930.76 3,734.24 7,665.00 17,335.00 17,335.00

25,000.00 3,930.76 3,734.24 7,665.00 17,335.00 17,335.00

Southwest Campus Housing Commons Planning Study Fund Account 948123.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1470 25,000.00

-

24,839.00 1.00 24,840.00 160.00 160.00

25,000.00 24,839.00 1.00 24,840.00 160.00 160.00

555 Glenrock Upgrade Study Planning Closed Account 948895.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1470 150,000.00

Total 1487 -

58,893.33 39,728.17 98,621.50 51,378.50 51,378.50

-

150,000.00 58,893.33 39,728.17 98,621.50 51,378.50 51,378.50

726 Hilgard Upgrade Study Planning Closed Account 948896.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1470 150,000.00 52,444.30 6,448.70 58,893.00 91,107.00 91,107.00

Total 1487 -

Pulled from QDB:

150,000.00 52,444.30 6,448.70 58,893.00 91,107.00 91,107.00

7/15/04


CAPITAL PROGRAMS PROJECT INFORMATION

Lake Arrowhead Maintenance Building Planning Account

941016.02 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1487 2,696,000.00 54,414.29 319,873.99 374,288.28 2,321,711.72 2,321,711.72

Total 1073 10,000.00 10,000.00 10,000.00 -

2,706,000.00 64,414.29 319,873.99 384,288.28 2,321,711.72 2,321,711.72

Lake Arrowhead Recreation Building Planning Account

941016.03 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1487 1,947,000.00 116,250.36 169,660.54 285,910.90 1,661,089.10 1,661,089.10

Total 1073 10,000.00 10,000.00 10,000.00 -

1,957,000.00 126,250.36 169,660.54 295,910.90 1,661,089.10 1,661,089.10

Lake Arrowhead Lodge Food Service Planning Account

941016.04 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Fund 1487 4,113,000.00 16,480.58 5,140.33 21,620.91 4,091,379.09 4,091,379.09

Total 1073 -

Pulled from QDB:

4,113,000.00 16,480.58 5,140.33 21,620.91 4,091,379.09 4,091,379.09

7/15/04


CAPITAL PROGRAMS PROJECT INFORMATION

Guest House Sprinkler Renovation Fund Account 946312.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1470 50,000.00

-

586.00 586.00 49,414.00 49,414.00

50,000.00 586.00 586.00 49,414.00 49,414.00

Guest House First Floor Renovation Fund Account 946430.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total

-

1470 308,086.00

-

302,560.72 302,560.72 5,525.28 5,525.28

308,086.00 302,560.72 302,560.72 5,525.28 5,525.28

Northwest Campus Litigation Fund Account 948192.01 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

1430

Total 1117 3,128,894.72

-

2,647,964.34 2,228.44 2,650,192.78 478,701.94 478,701.94

3,128,894.72 2,647,964.34 2,228.44 2,650,192.78 478,701.94 478,701.94

Sunset Village Litigation Fund 1430 Appropriation Direct Costs Expenditures Encumbrance Memo Lien TOTAL Operating Balance Indirect Costs Project Balance

Total 1118 2,759,397.81

-

2,759,397.81 2,759,397.81 Pulled from QDB:

2,759,397.81 2,759,397.81 2,759,397.81 7/15/04

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