Cornell University issues debt to units on behalf of the university for construction, capital project improvements, equipment replacement, and working capital requirements. The University Treasurer's office manages the debt portfolio, which includes tax-exempt and taxable long-term bonds, tax-exempt and taxable commercial paper, and lines of credit.
Units sponsoring a capital project must ensure that the project complies with the Capital Project Funding Guidelines (PDF).
For a capital project to be funded with debt, the unit must:
The University Budget Office, Facilities Management, and the Treasurer’s office review debt funding requests on a quarterly basis. Projects will be prioritized based on need and the unit’s ability to repay. Once approved, the projects will be included in the university’s capital plan. Unless the internal debt is included in the capital plan, the funding is not considered authorized and should not be included in the project approval request.