Accounting Policies (APPL02)
Accounting Policies
POLICY TITLE: | Approval Level Requirements | POLICY NUMBER: | APPL 02 |
DATE ISSUED: | July 1, 1993 | DATE REVISED: | July 1, 1997 |
In the interest of fiscal responsibility and accountability, various financial transactions require successively higher levels of approval prior to being processed. Current University guidelines dictate that all purchase requisitions should be signed by the Department Chairperson, Administrator and/or their designee. Purchases, other than open and standing orders, of $10,000 or more should also be signed by the area Vice President. These purchases also require the signature of the Vice President for Administration and Finance when they reach $25,000, the signature of the President when they reach $50,000 or more, and the approval of the Board of Directors when they reach $500,000 or more. When payments against these approved purchase requisitions / purchase orders are processed, checks for $10,000 or more will require a second signature by the Business Office.
All significant equipment needs (all greater than $10,000 and any others that are deemed necessary) should be reviewed against the current equipment inventory to ensure that the same equipment is not already available on campus. This is a federal government requirement for all equipment used on federal grants.
Direct payment requests (DPR's) and Travel and Business Expense Reports (TER's) submitted for processing have not gone through the purchase order process and will, therefore, require the same levels of approvals as required when a purchase order is processed and issued. These invoices cannot be processed until all signatures and approvals have been obtained.
