*Non-substantive Amendments

Policy

Contractors doing major work on the College’s facilities, and users of the College’s facilities are required to place sums of money into either deposit accounts or have payment withheld as retainage to compensate for any damages incurred by them during the usage periods, or failure to complete the job correctly. Specific amounts for each will be set by administrative requirements.

These funds are held and accounted for separately in the college’s financial records.

Reason for Policy

Sets forth policy and procedure related to deposits and retainage accounts.

To Whom Does the Policy Apply

Contractors on the College’s facilities and users of the College’s facilities

Supplemental Resources

• Facilities Rental Contracts
• Application & Certificate For Payment

Contacts

Office of the Controller
(201) 684-7117