|Approved by:||Board of Trustees|
|History:||Issued -- March 14, 2001|
|Related Policies:||Financial Transaction Authority; Contract Approval and Signature Authority; Gifts from Contractors/Vendors; Procurement Card; Sponsored Award Costing|
|Additional References:||Contract Review Process at CUA|
|Responsible Official:||Vice President for Finance and Treasurer tel. (202) 319-5606|
To ensure that the maximum value of the University's funds is fully realized, authority and responsibility for obligating financial resources, regardless of funding source, resides with Strategic Sourcing and Procurement. Final procurement decisions are to be based on cost, quantity, quality, availability of the items at the time of purchase, and vendor reliability. Strategic Sourcing and Procurement will ensure that all purchases in excess of $2,500 are competitively bid in accordance with these criteria.
This policy applies to all individuals purchasing goods and services on behalf of the University.
II. Procedures and Regulations
A. Authority to enter into agreements for the purchase of goods and services required by the University is delegated as follows:
1. President - Unlimited Authority
2. Vice President for Finance and Treasurer - Unlimited Authority
3. Senior Director, Strategic Sourcing and Procurement - Purchases Up To $75,000
4. Purchasing Manager - Purchases Up To $50,000
5. Purchasing Agents - Purchases Up To $1,000
6. Procurement Card Holders - Up to $2,500
B. University procurement regulations require that purchases of goods and services in excess of $2,500 be competitively bid. For those orders between $2,500 and $5,000, a minimum of three oral quotes is necessary. A minimum of three written quotations is required for orders of $5,000 or more.
C. Exceptions to the competitive bid procedure may be granted by the Senior Director, Strategic Sourcing and Procurement if acceptable written justification for a single or sole source award is submitted.
D. All contracts in excess of $25,000 will be reviewed by Strategic Sourcing and Procurement to ensure that the vendor is not listed on the United States General Services Administration's "List of Parties Excluded from Federal Procurement or Nonprocurement Programs." The University will not enter into such agreements if the contractor is debarred, suspended, or declared ineligible under statutory or regulatory authority.
E. Strategic Sourcing and Procurement is responsible for ensuring compliance with the competitive bid policy, for awarding contracts and purchase orders, and for maintaining all related procurement records.