Christopher Newport University
IL-51: Sustainability Projects Fund

A large donation has been given in thanks to the Redekop Family Foundation to implement a Revolving Green Fund to assist with the funding of large sustainability projects with a Return on Investment.  A department will apply to borrow money from the fund and, if approved, the department will then pay back the principal amount with savings per year by implementing the project.  The amount paid each year will be based on calculated savings per year prior to approval vs. actual savings and will be paid at the same time each year until the principal amount borrowed is repaid to the fund. 

For example, a $100,000 LED lighting project would start with a proposal from a department that includes estimated savings of lets say $20,000 each year.  The department would receive the money for the project and pay $20,000 on September 1st each year over 5 years to repay the total of $100,000.  Interest may be added depending on the ROI timeline, which would be discussed prior to approval.  The system GRITS will be used to track cash flow from the fund. 

In addition to the Revolving Green Fund, a separate fund is being created for projects that are important to sustainability, but may not have an ROI.  In this instance, once the money is spent, new money would have to be acquired through donation avenues.  

Please review this article to learn more. 

Projects are a collaboration between departments, the Energy Manager, the Sustainability Specialist, and the Director of Facility Planning & Sustainability.

After initial meetings to determine the scope, costs, and Return on Investment calculations, the project proposal will be shared with the Vice President for Facilities and Campus Operations within the President's Office. 

Priority is given to projects with the highest Return on Investment such as incorporating LEDs into residence halls and other campus buildings.

The calculated savings per year is determined before the start of the project and is to be paid at the same time each year until the principal amount is repaid.  All terms are decided prior to the project implementation and may include interest based on the situation.  GRITS is used to track cash flow from the fund.