At its 1252nd meeting held on 18 December 2009, the Board of Regents recalled the functions of the OVPD as approved in its 953rd meeting held on 29 July 1982. These functions include the following:

1. Prepare and maintain a master plan for the development of the University System and its campuses;
2. Advise, assist, and coordinate campus development planning efforts;
3. Formulate and maintain design, construction, and maintenance standards for campus development, infrastructure, building, housing, open space, and other physical facilities;
4. Develop policies for acquisition, use, and disposition of campus lands;
5. Conduct planning inventories and studies to assess the physical, manpower, and financial resources available or required for implementing development plans and projects of the System;
6. Formulate and maintain financial and fiscal policies, plans, and programs for generating funds for University programs and projects;
7. Provide leadership and assist campuses in securing regular appropriations, endowments, grants, and other forms of income to support University programs;
8. Formulate and maintain policies and regulations for business enterprises engaged in by the University and its units or permitted to operate in University premises; and
9. Maintain a list of projects which are considered important but which have been hitherto unfunded, which shall be readily available for possible donors and other sources of funds.