Body
Policy Information
- Issued By: Payroll/Business Office
- Approved By: VP of Finance & Strategy
- Effective Date: November 1994
- Revised Date: November 19, 2019
As noted in the by-laws, the authority to enter into on behalf of the College is expressly delegated to the President.
The College regularly enters into a great variety of contractual arrangements that commit considerable College resources, and specify terms that have implications for budget as well as potential risk exposures.
The bylaws of the College define the role of the Treasurer/Vice President for Finance, in general, as exercising oversight of the financial resources of the College. This includes, but is not limited to: cash, stocks, bonds and all other property, personal or real, owned by the College.
Vice Presidents of the College play critical roles in reviewing and approving monetary contacts within their area of responsibility. As part of the review and approval process, each contract must be evaluated based upon the following criteria:
- Is the contract’s cost included in the Vice President’s budget?
- If so, approval should include the budget line and center containing the budget.
- Is the contract renewing an existing relationship?
- If so, approval should include the rationale for renewing the relationship.
- Is the renewing contract multi-year?
- If so, approval should include the rationale for renewing a multi-year contract.
If the cost of the contract in question is included in a Vice President’s budget and is a renewal of an existing relationship, the following approval levels have been delegated to Vice Presidents:
- Single Signature: Any Vice President - $75,000
- Single Signature: Vice President & CFO - $250,000
- Single Signature: President - $500,000
- Two Signatures: President and Vice President & CFO - Unlimited
For unbudgeted monetary contracts, approval requires a review by the finance department prior to the contract’s execution. Additionally, unbudgeted monetary contracts require the following signatures for approval.
- Single Signature: Sponsoring Vice President - $10,000
- Two Signatures: Sponsoring Vice President and Vice President/CFO - $100,000
- Three Signatures: Sponsoring Vice President, Vice President/CFO & President - Unlimited
The Director of Facilities Management plays a unique roll for the College and manages a variety of significant contracts and construction projects. For monetary contracts included in the facilities budget, the following approval authority is in effect:
- Single Signature: Director of Facilities Management - $500,000
- Two Signatures: Director of Facilities Management, the Vice President and CFO or President - Unlimited
Contract Management
Irrespective of approval authority, a copy of all signed monetary contracts must be forwarded to the Vice President and CFO’s office for filing. Occasionally individuals performing College business require access to various signed contracts and a single repository improve efficiency.