- July 8th, 2019
- in Uncategorized
At the June 06 – 07, 2019 Board of Trustees Meeting, several expenditure thresholds requiring Board of Trustees approval were revised. See summary of revisions below:
- Purchase or lease of equipment threshold increased from $500,000 to $750,000.
- Technology acquisitions threshold, not included in the annual technology plans, increased from $500,000 to $750,000. The revised rule also clarifies technology as inclusive of all aspects – hardware, software, associated services, upgrades and expansions.
- Previously, all consulting and professional service agreements over $250,000 and goods over $1,000,000 if not competitively bid were subject to the System Office Heightened Review process. Now, those same thresholds are subject to Board of Trustees approval, further clarified as follows: Goods over $1,000,000 unless competitively bid; Consulting and professional services over $250,000 regardless of whether the contracts result from a competitive process.
- Capital projects that involve construction, demolition, or renovation of University facilities threshold increased from $750,000 to $1,000,000.
The above threshold changes became effective immediately upon approval at the June meetings. The System Office is in the process of updating the Board Manual which can be referred to for full context once updates are complete.