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Repair & Replacement Reserve Administrative Policy

The purpose of this policy is to allow departments to establish repair and replacement reserves to accumulate funding for the replacement of assets costing more than $50,000 and that are funded from departmental operating budgets.

The major requirements of this policy are as follows:

  • Specific equipment items must be funded up front.
  • The cost must exceed $50,000.
  • The equipment is of the type that would not be replaced on an annual cycle.
  • The reserve must be funded each year.
  • Reserve funds may not be returned to the operating budget.
  • Annual contribution and total project costs cannot exceed levels on the authorization form.

Any questions about this policy should be directed to the University Controller, (804)828-5474, prperkins@vcu.edu.