REG - 30.05.1 Acquisition and Disposition of Real Property Regulation
1. Purpose
1.1 The purpose of this regulation is to provide information pertaining to the acquisition and disposition of real property.
2. Scope
2.1 This regulation applies to all transactions involving the acquisition and disposition of real property at North Carolina Central University (NCCU).
3. Real Property Transactions
3.1 Real Estate Purchases (Non-Lease)
3.1.1. Any interest in real property other than a lease – must be approved by the Department of Administration, the Governor, and the Council of State. The instrument is executed by the Governor.
3.1.2 The Board of Governors delegates to the Chancellor the power to authorize the acquisition or disposition of the following interests in real property without obtaining approval of the Board of Governors or the Board of Trustees:
3.1.2.1. The acquisition or disposition by Deed with a Value less than $100,000.
3.1.2.2. The acquisition or disposition by Lease, on a Millennial Campus or otherwise, where the Annual Rental Value is less than $100,000 and the term is not more than three years.
3.1.2.3 All acquisitions or dispositions of real property made pursuant to this subsection shall be reported to the Board of Trustees.
4. Procedures and Reporting Requirements:
4.1 The Senior Vice President for Finance and Administration shall have general authority to establish such procedures and reporting requirements for NCCU as may be prudent to enable implementation of this policy and associated regulations.
4.2 NCCU without additional delegated authority shall report all real property transactions to the Senior Vice President for Finance and Administration at least quarterly.
4.3 Copies of all real property instruments must be filed with the Department of Administration, including an annual report submitted to the UNC System Office and Department of Administration documenting all real property transactions made pursuant to this policy.
4.4 All delegations of authority are subject to any necessary approvals from the State officials and agencies, including any required approvals from the Governor and Council of State as identified in regulation.
4.5 All delegations of authority that require approval beyond NCCU level are to be initiated by submission of the Form PO-1 for Acquisitions and the Form PO-2 for Dispositions to the State Property Office.
4.6 State Property Office will assist Facilities Management with preparation of all real property instruments.
4.7 All real property instruments must be reviewed and approved by NCCU Legal Affairs.
4.8 Facilities Management will obtain all necessary signatures prior to submission for the Chancellor's signature. Facilities Management requires the funding source for all PO-1 Acquisition and PO-2 Disposition Forms.
4.9 All real property instruments must be approved and signed by the NCCU Chancellor.
4.10 A copy of all instruments is forwarded to the State Property Office. If lease instrument: The State Property Office will assign a lease number, write the number on the document and enter in the Lease Log. The lease is copied and returned to Facilities Management, where a copy if filed, a copy is sent to Capital Assets/Financial Reporting, a copy is sent to Risk Manager and Insurance Specialist, and the original is returned to the leasing department.
4.10.1 If Third Party Entity is Lessor and NCCU is Lessee, the lease is provided by the State Property Office.
4.11 Facilities Management prepares and submits the following documents for leased space requisition to the Associate Vice Chancellor of Facilities Management:
4.11.1 PO-27 Lease Specifications
4.11.2 Requesting party organizational chart showing job titles and number of personnel
4.11.3 Requesting party must ensure funds are available prior to submission.
4.11.4 State Property Office will advertise and request bids.
4.11.5 Once bids are received, the State Property Office, the Associate Vice Chancellor of Facilities Management and the requesting department will inspect and review the bidding properties.
4.11.6 The Associate Vice Chancellor of Facilities Management will submit a recommendation for lease to the State Property Office based on the review process.
4.11.7 The State Property Office will coordinate the drafting/execution of the lease.
4.11.8 Once executed, the State Property Office assigns the lease number, writes the number on the document, and enters the lease in the Lease Log.
4.11.9 The lease is copied and returned to Facilities Management, where a copy is filed, a copy is sent to Capital Assets/Financial Reporting, a copy is sent to the Risk Manager and Insurance Specialist, and the original is returned to the requesting department.