The Higher Education Equipment Trust Fund (ETF) was established as a result of a need for new or updated instruction and research equipment in the academic areas of State institutions of higher education. These needs were broken down into five categories:
- Academic Computing
- Biological and Physical Sciences
To finance these needs, the Virginia College Building Authority (VCBA) sells revenue bonds. Allocations of this money is made annually to the State Institutions of Higher Education over a three-year period. These institutions will not actually receive the allocation, but will submit equipment invoices for payment by the VCBA. The VCBA will hold title to ETF purchases and will lease this equipment to those institutions. The State funds the institution’s Lease payment.
Basic stipulations for ETF items are as follows:
- Equipment must have a cost of $500 or greater.
- Equipment must be used within the Commonwealth of Virginia.
- Equipment must have a useful life of three years or more.
- Certain types of equipment are excluded:
- Library books, materials, and shelving,
- Microfilm collections and material,
- Software for microcomputers,
- Office equipment,
- Transportation equipment, and
- Desks, chairs, and tables.
- Equipment normally affixed to a building or functional as a part of an operating system of a building including
- Climate control and security systems,
- General telecommunications equipment, except that required for approved programs, related courses, or research activities; and