27.1. The Property Management Subcommittee of the Planning and Resource Allocation Committee shall consist of:
(1) the Pro-Vice-Chancellor (Planning and Resources), who shall chair the committee;
(2) the Registrar;
(3) the Director of Finance;
(4) one student member representative selected by the sabbatical officers of the Oxford University Student Union from among their own number.
27.2. The committee shall:
(1) supervise the management of accommodation held by the University, subject to a delegated authority level for sales and purchases involving amounts of up to £2m that are unrelated to capital projects1;
(2) establish and keep under review strategy, guidelines and policies concerning the matters under (1) above;
(3) review and approve budgets and end of year accounts;
(4) approve annual rent increases for graduate accommodation;
(5) report matters under (1)–(4) above as appropriate, and submit an annual report, to the Planning and Resource Allocation Committee of Council.
27.3. Accommodation held by the University shall be defined as graduate accommodation, professorial and other residential accommodation, and, where there may be a future functional use, the urban properties managed as an investment in the Corporate or Capital Funds.
27.4. The committee shall obtain external valuation advice concerning any purchase or sale transaction in excess of £750,000.
27.5. Regulations 1.6 and 1.7 in Part 1 apply to this committee except that the quorum is one third plus one of those members eligible to vote upon the business of the committee (rounded to the nearest integer).
1 Expenditure on capital projects requires approval in accordance with regulation 1.5(2) of the University’s Financial Regulations.