Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENTThe President or President’s designee may impose inventory controls above and beyond thoserequired in OMB circular A-21, as may be amended or superceded.4.11.10—ACQUISITION OF SURPLUS PROPERTYThe following University officers are authorized to sign contractual documents and enter intonegotiations as necessary in the acquisition of surplus property from federal agencies, state agencies,county governments, municipalities, school districts, other institutions of higher education, and similarbodies:• President• Vice Presidents for Administrative Affairs• Controllers• Assistant Controllers• Purchasing Director• Assistant Purchasing Directors4.11.11—DEMONSTRABLE EMERGENCYThe President shall have authority to approve a financial decision up to $300,000 in the case of ademonstrable emergency.4.11.12—SELLING GOODS AND SERVICESThe University provides a substantial volume of services for compensation. To protect and preservethe University’s interests and ensure that it remains in compliance with all applicable laws andregulations, contractual documents must be processed through the University’s Legal Counsel Office andany other appropriate office (for example, Grants and Contracts Administration, the Controller, PublicAffairs). Such contractual documents should be signed only after all appropriate and required reviews andapprovals have been completed. Only an individual to whom the President has delegated the appropriateauthority to sign contractual documents in the nature of the document in question may sign the document.Each document involving annual revenues of $125,000 or more shall be reported to the submitted to theBoard of Regents for ratification. Additionally, if the agreement would establish or make policy for theUniversity, or would otherwise involve a substantial service to be performed by the University, it must besubmitted to the Board of Regents for approval.(RM, 5-10-73, pp. 12157 61, amended 6-13/14-73, 7-26-73, 11-8-73, 12-13-73, 6-13-74, 1-9-75, 9-1-77, 2-8-79, 12-18-80, 9-7-88, 12-7-88, 5-17-89, 6-14-90, 3-7-91, 7-18-91, 12-4-92, 3-29-00, 1-27-04)THE UNIVERSITY OF OKLAHOMA 249