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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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PRESENTER(S): |
Viola Miller, Chief Financial Officer |
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Todd Mills, Director of Supply Chain |
TITLE:
title
UTA Policy - UTA.02.01 Spending Authority Policy
end
AGENDA ITEM TYPE:
UTA Policy
RECOMMENDATION:
Receive and review the proposed revisions to UTA Policy UTA.02.01 Spending Authority.
BACKGROUND:
Board Policy 1.1 requires new or revised UTA Policies to be submitted to the Board for review in a public meeting prior to the execution of the policy by the Executive Director. The proposed revision to UTA Policy UTA.02.01 will update the spending authority policy that was last updated in April 2023.
The Spending Authority policy establishes purchasing thresholds and defines the corresponding processes, regulations, and approval requirements for each level. These levels include Purchasing Card transaction limits, the micro-purchasing threshold, small-purchase threshold, and formal-purchase threshold.
DISCUSSION:
The revisions made to UTA.05.02 include the following:
• Added “Associate CFO” to the definition of “Director” to identify the spending authority limit for the associate CFO position.
• Increased the micro-purchase limit from $9,999 to $49,999
• Increased the small-purchase limit from $199,999 to $249,999
The Purchasing Card transaction limit remains at $4,999. All procurements of $250,000 or more are formal procurements and require approval from the Board of Trustees.
ALTERNATIVES:
If UTA Policy UTA.02.01 revisions are not adopted by the Executive Director, the current version of UTA.02.01 Spending Authority policy approved in April 2023 will remain in effect.
FISCAL IMPACT:
The modifications to this policy do not create any increases to the budget.
ATTACHMENTS:
UTA.02.01 Spending Authority Policy