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New Policy Statements
Date 9-24-2003 Subject Contract and Purchase Approval Process Policy Author Lois Voigt The College Council recently approved the following changes relative to the review and approval of pending lease agreements and purchases: Review of Lease Contracts All proposed contracts for the lease of equipment (whether new, or replacement of currently leased equipment), must be given to the Director of Institutional Finance (Glen Raser) for his or her review a minimum of 10 days prior to the desired date of the lease signing and equipment order or delivery. The VP for Finance must sign all final lease documents, and a copy of the executed lease will be retained in the Business Office. Pending Financial Commitments in Excess of $25,000 All other pending financial commitments in excess of $25,000 (any single order/invoice of $25,000, or any contract that commits the College to total payments of $25,000 or more over multiple periods) must be approved in writing by the VP for Finance prior to entering into such a commitment. The VP for Finance’s signature on the purchase order, service contract, or project change order form will evidence such approval. Such approval is required regardless of the funding source - operating, restricted, or capital funds. Exceptions are as follows: a) Routine purchases of inventory for resale by the Bookstore and Dining Services, or budgeted purchases of books, periodicals, and other media by the library. |
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