The following policies provide the process for review and evaluation of property alienation and acquisition. To assist in this process, the Executive Director of the Department of Management Services (DMS) may call upon various personnel and resources within Central Services and the Facilities and Real Estate Advisory Commission (FREAC) Subcommittee of the Board of Financial Administration (BOFA). FREAC consists of 8 to 16 external members who have expertise in real estate, land development, planning, architect, engineering or other related fields. Members of the Division of Facilities and Real Estate Management (DFREM) will serve as staff to FREAC.
Generally, FREAC will consider property transactions when the value of the transaction exceeds $300,000. At the discretion of the Executive Director, transactions of lesser amounts may be reviewed by FREAC due to strategic or special circumstances. Conversely, certain actions above $300,000 may not require review by FREAC. The role of FREAC will in no way supplant the roles of pastors, parishes, BOFA, or the Priest Consultors.
For the purposes of this policy, lease refers to a lease of five or more years.