WVU Real Estate Operations Policy
Category: Finance and Administration
Title: Real Estate Operations
Responsible Unit: Real Estate Operations
Effective: October 1, 2024
Revision History: None
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PURPOSE & SCOPE:
1.1. Purpose: Pursuant to WVU BOG Finance and Administration Rules 5.1 and 5.5, this Policy outlines the authority for conducting and carrying out the business of the West Virginia University system relating to real estate and for setting forth a framework through which additional procedures relating to the same may be established.
1.2. Scope: This Policy applies to all real estate owned or controlled by the West Virginia University Board of Governors on behalf of West Virginia University (“WVU Lands”), regardless of the campus, collegiate or administrative unit that is assigned, occupies, or otherwise uses the real estate.
Real Estate Operations:
2.1. Centralized Real Estate Operations:
2.1.1. WVU Real Estate Operations (“WVU REO”) is responsible for the following items, including the process for review and approval of proposed transactions, as well as determining the appropriate fee to be charged or incurred:
- i. All manner of leasing of non-university owned or controlled facilities and real property for university-related purposes;
- ii. All manner of leasing of university owned or controlled facilities and WVU Lands for use by third parties, including affiliated entities;
- iii. Acquisition, disposition, and development of WVU Lands;
- iv. Granting of easements, licenses, rights-of-way, access agreements, and memoranda of understanding relating exclusively to real property; and
- v. All other business relating to real property.
2.1.2. WVU REO shall provide timely updates to the WVU Board of Governors (“Board”) regarding anticipated actions required by WVU BOG Rule 5.1 and shall present sufficient information to obtain prior authorization or approval for said actions from the Board.
2.1.3. WVU REO shall ensure proper reporting of all applicable real estate transactions to the Board as required by WVU BOG Rule 5.1, and to such other necessary business units to ensure internal accountability and external regulatory compliance.
2.1.4. As necessary, WVU REO will provide guidance and support to the various university departments, schools, and colleges across the WVU system that manage and conduct routine reservation and rental of designated facilities consistent with other WVU policies and rules.
2.2. Strategies, Oversight, and Coordination of Consistent Practices:
2.2.1. WVU Lands should be utilized to support the land-grant mission of the University.
2.2.2. WVU should occupy only that space which it requires, eliminating unnecessary leased property or owned locations.
2.2.3. Absent special circumstances, WVU REO should make reasonable efforts to ensure that campus space is efficiently utilized before leasing additional off campus grounds or facilities.
2.2.4. WVU REO shall track the use of WVU Lands and, to the extent necessary, shall coordinate and ensure that the various university departments, schools, and colleges across the WVU system employ consistent practices with respect to the current and anticipated use of WVU Lands.
2.2.5. WVU REO shall identify underutilized assets and, in conjunction with appropriate stakeholders, take reasonable steps to encourage the repurposing of underutilized assets. or, in the alternative, monetize such assets consistent with Board rules and state law.
2.2.6. WVU REO shall track and manage the rights granted to third parties for the use of WVU Lands and, to the extent necessary, shall coordinate and ensure consistent practices with respect to the rights granted to third parties for the use of WVU Lands.
2.2.7. WVU REO shall administer and contribute to the development and maintenance of an enterprise GIS system for mapping WVU Lands and other assets and gathering or providing additional information such as deed restrictions, present use, or current conditions, for strategic planning purposes and other administrative uses.
2.3. Procedures: WVU REO may adopt additional internal procedures to effectuate the implementation of this policy.