Capital Project Accountant Exercise McCain Learning Centre Background The university is constructing a new academic building called the McCain Learning Center [Fictitious]. The features of the building include: Transforming and repurposing a decommissioned former pool building Creating a multi-purpose academic and presentation space 500 seat capacity auditorium Two separate seating areas An additional breakout space Environmental sustainability features like geo-thermal energy systems to reduce reliance on traditional heating and cooling sources; reduced GHG emission targets through another related project The project has a number of phases including: Phase I - Planning and Design Phase II - Pre-Construction Phase III - Construction Phase IV - Post Construction/Close Out Information pertaining to the phases, cost incurred to October 31, 2020 and forecast future costs are contained in the attached Excel spreadsheet. Funding Planned external funding for the project includes: $2.5 million from a donor, $3.0M from the Ministry of Advanced Education and Skills Training, and the remaining portion being funded internally by Royal Roads University. However, due to COVID-19, MAEST has just advised that they need to scale back their original commitment by $1.0M and the donor has also had to scale back their donation to $1.8M. Construction Manager Update The construction manager has just advised the AVP Operations and Resilience that, due to COVID-19, construction on the building must be halted for at least three months. However, she is confident that this will only result in a two-month delay in the ultimate completion of the construction phase. Exercise 1. Using this limited information, prepare a briefing note to update the Executive on the status of the project and any recommendations. 2. Also, prepare a memo to the project manager to advise of her of the financial status of the project. The memo should also outline additional questions that you need answered to better understand the risks and potential impacts of the forecasts and construction sche

	Start Date per Approved Plan	End Date per Approved Plan	Budget per Approved Plan	% Complete as of Oct 31/2020	Additional Forecasted Costs to Complete after Oct 31/2020	Actual Costs as of October 31/2020
Phase I	Jan 1/2019	July 31/2019	$ 550,000	100%	$ -	$ 698,105.64
Phase II	Aug 1/2019	Sept 30/2019	$ 150,000	100%	$ -	$ 113,348.05
Phase III	Oct 1/2019	March 31/2021	$ 8,250,000	75%	$ 2,250,000.00	$ 6,536,983.05
Phase IV	April 1/2021	May 31/2021	$ 200,000	0%	$ 225,000.00	$ -