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5.01.003 Procurement and Purchasing

Category: FINANCE FACILITIES AND TECHNOLOGY
Section: FINANCE
Approved: 4/19/2016
Approved By: Board of Trustees

Expenditure Approval Requirements

Trustee approval of the operating budget is approval to effect the programs contained in the budget.  Within the guidelines provided below, the president is authorized to undertake the expenditures contained within the approved budget plan.

A cost center manager, their supervisor(s), or the senior officer shall approve all purchase requisitions.  Under no circumstances should anyone other than the responsible individual or an authorized alternate provide an approved signature or electronic authorization.

Operating Expenditures

Capital Expenditures

External Agreements

Employees and Board members shall not make commitments or agreements involving the College in contractual arrangements with other institutions or agencies without the approval of the President or an appropriate designee, or the Board of Trustees as may be required. 

Transactions Requiring Board Approval

The Board of Trustees assumes the ultimate responsibility for the operation of the College, the prudent use of its resources, and for maintaining productive and supportive relations with regulatory and funding agencies.  In exercising its responsibility to the public and private sources, which annually provide the College with its operating and capital budget revenues, the Board of Trustees approves the annual budget prior to the start of each fiscal year.  In addition to approving the aggregate budget plan, the Board will specifically approve certain types of expenditures and contractual relationships.  These specific approvals may occur either as a part of the annual budget adoption process or as individual items brought to the Board during the course of the fiscal year through the Board of Trustees Finance Committee.

The following financial transactions require specific Board approval:

The Board may override this policy during periods of financial crisis.

Purchasing

College operating policies and procedures for purchasing shall be competitive and shall comply with all federal, state, and local statutes, regulations, and guidelines.