705 Building Use Credit Reserves
Building Use Credit funds are held in a special reserve fund awaiting distribution under the guidelines of OMB Circular A-21; section J.14h. See FIS 605: Building Use Credits for additional information.
These funds are for the purpose of acquiring or improving research facilities. These funds may only be used for (a) liquidation of a principal of debts incurred to acquire assets that are used directly for organized research activities, or (b) payments to acquire, repair, renovate, or improve buildings directly used for organized research.” When projects are identified and approved, funds are moved from the Building Use Credit Reserve to a Plant Fund 802XXX and ZARWxx index for each unit or college receiving funds. When the project is completed, or after five years, if there are funds remaining in the Plant Fund account, they are returned to the Building Use Credit Reserve for redistribution. If a project is capital, i.e. a new building, then a request must be submitted through OSU Facilities Services to establish a special Plant Fund for this purpose.
Verification of costs for projects using BUC funds is prepared for the United States Department of Health and Human Services (DHHS). It is important to expend these funds in a timely manner and only on approved projects.