Making Purchases with University Funds Policy
| Policy Title: | Making Purchases with University Funds | ||
| Policy Number: | APPM 02-04 | Effective Date: | August 24, 2009 |
| Purpose: | To define what purchases can be made with University funds | ||
| Policy Creator: | David Hanley | ||
| Revision Date and Author: | August 28, 2009– Shannon Priem | ||
Policy
This policy is a guide to the proper use of University funds and the use of the procurement card.
Procedure
When to use a Procurement Card (Acard)
• If you are making a purchase with University funds, it is always preferred that you use your Acard. Procurement cards typically have a monthly purchase limit of $4500.
When to Use Personal Funds
• There are certain circumstances when it is acceptable to use personal fund to make purchases on behalf of University business. This includes the following situations:
• The business does not accept Mastercard
• The person making the purchase does not have a Procurement card
• You have exceeded your monthly spending limit of $4500
• Your card is declined
Purchases over $4500
• Special procedures must be followed in order to make purchases that total greater than $4500. Please obtain a quote for the purchase in question and provide this to the staff accountant.
