��������������������������������� MONTANA BOARD OF REGENTS OF HIGHER EDUCATION
������������������������������������������������������� Policy and Procedures Manual
ITEM 122-104-R0304� Attachment 5 PAGE:� 940.26� (1 of 1)
SUBJECT:� FINANCIAL AFFAIRS Effective: November 18, 1999
Section:� 940.26 Equipment fee; Issued:�� December 10, 1999
Montana University System
Approved:
___________________________________________________________________________________
Board policy:
1.�� Each student enrolled in the regular instructional program (including summer session) at a campus of the Montana University System may be assessed a per semester credit hour equipment fee consistent with the number of credits assessed for registration and incidental fees.� The amount of the fee must be approved by the Board of Regents as part of the annual inventory of fees for each campus.
2.�� The equipment fee shall be deposited in a separate Plant Fund account and may be expended in accordance with the following procedures.
Procedures:
1.�� Expenditures shall be made for the purchase or lease of equipment which will provide a primary benefit to the educational program including library and other related capital acquisitions.� Expenditures may be made for the purchase, lease, or maintenance of equipment.
2.��� A president or chancellor may authorize expenditures from such funds up to $10,000.
3.�� Expenditures between $10,000 and $25,000 may be authorized by president or chancellor with the approval of the Commissioner of Higher Education.
4.�� Expenditures over $25,000 shall be approved by the Board of Regents.
5.�� Commitments for bonding or lease/purchase agreements must be approved by the Board of Regents.
6.�� An annual report on the proceeds, expenditures, and pledged commitments of the equipment fee shall be submitted
annuallyto the Commissioner of Higher Education and the Board of Regents upon request.
History:
Item 71‑002/7002‑R0691, Equipment fee, Montana University System and Vocational Technical System, June 21, 1991, as revised March 28, 1996 and November 18, 1999 (Item 104-103-R0999).