Purchasing is the process of obtaining goods and services from commercial suppliers. Commercial suppliers are private, non-governmental companies. These can be for-profit or not-for-profit companies. Either formal or informal competitive contracting is the method used to obtain these goods and services.
All university funds, regardless of their source of origin, are considered to be public funds, and are governed by Virginia law and university guidelines. Competition is to be obtained to the greatest extent feasible. University policy states that departments may purchase goods and services valued up to $2,000.
University policy allows department heads to sign commercial supplier contracts that are valued within their delegated purchasing authority. Legal Counsel must review all supplier contacts prior to signature by the appropriate university official.
- Ensuring the purchases of goods and services are in the university’s best interests and are allowed by university policy and that funds are available
- Approving requisitions placed into the HokieMart
- Ensuring procedures are in place for employees to review the quality of goods and services received and to review all documentation for accuracy
- Ensuring appropriate specifications are developed for the purchase of goods and services and that no supplier is given preferential treatment
- Ensuring a log is maintained for all P-card purchases, which documents the supplier name, description of the item being purchased, amount, signatory, and date signed.
- Provide support to university diversity goals by selecting small, woman or minority-owned suppliers (SWaMs) to the extent feasible.
- Ensuring to the greatest extent possible, there is a separation of duties, between employees who order items and employees who receive them and approve invoices for payment. At a minimum, no less than two of these three functions should be separate.
- Ensuring monthly reviews and reconciliations of all P-card transactions are completed
- Maintaining purchase records and receipts per the university’s record retention policy.
- Approving personnel authorized to have access to the HokieMart and their roles.