Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENTThe Vice Presidents for Administrative Affairs may recommend revocation of the signature authorityof any individual at any time to the President. Upon the President’s acceptance of the recommendation,the Vice President for Administrative Affairs shall notify the pertinent officers of such revocation and therelated reason therefore.(RM, 3-29-00, p. 26909; 1-27-04, p. 28924)THE UNIVERSITY OF OKLAHOMA 242
REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENT4.11—BUYING AND SELLING GOODS AND SERVICES4.11.1—POLICYThe University’s legal capacity to acquire goods and services from others in exchange for payment,and to provide goods and services to others in exchange for revenue, originates with the Board ofRegents. University funds are budgeted on an annual basis, and these budgets are approved by the Boardof Regents. The Board of Regents recognizes that this is a large institution with sizeable annual cash flow,and realizes that substantial authority must be delegated.BUYING GOODS AND SERVICESThe University purchases a substantial volume of goods and services. Except in certain limitedsituations, University employees shall acquire these goods and services through an open and competitiveprocess aimed at fairness to interested suppliers and best value for the University. Competition allows forthe use of new technology in communications and of prior competitive history. Existing contractsestablished by cooperative associations and state and federal entities that meet the criteria for formalcompetitive process may be considered competitively bid. University departments are encouraged torequest and receive assistance from the Purchasing Department for all purchases, regardless of the dollaramount.4.11.3—PURCHASES THAT MUST BE PROCESSED THROUGH THE PURCHASINGDEPARTMENTGenerally, the dollar amount of a purchase determines whether it must be processed through thePurchasing Department. The dollar limitations are on a per-transaction basis and are not cumulative.However, certain purchases, regardless of dollar amount, must be processed through the PurchasingDepartment:1) If the purchase involves a contractual document of any kind, or if it is a type ofproduct or service that would reasonably involve a contractual document, it must besigned and approved as provided by Board of Regents’ Policy. The College ofContinuing Education is authorized to review contractual documents related toconferences and seminars it holds or coordinates pursuant to its mission. The reasonfor contract review is to avoid obligating the University to any terms or conditionsthat may conflict with the State Constitution, statutes, or case law; and to avoidbinding the University to any duties or liabilities against its best interests. Examplesof purchases that must be processed through the Purchasing Department include butare not limited to:• Leases• Use Licenses (such as for software, intellectual property)• ServicesTHE UNIVERSITY OF OKLAHOMA 243
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REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENTThe Vice Presidents for Administrative Affairs may recommend revocation <strong>of</strong> the signature authority<strong>of</strong> any individual at any time to the President. Upon the President’s acceptance <strong>of</strong> the recommendation,the Vice President for Administrative Affairs shall notify the pertinent <strong>of</strong>ficers <strong>of</strong> such revocation and therelated reason therefore.(RM, 3-29-00, p. 26909; 1-27-04, p. 28924)THE UNIVERSITY OF OKLAHOMA 242