A.POLICY
The purpose of this policy is to provide guidelines and requirements for purchasing, recording fixed asset capitalization and depreciation, and inventory records. A separate policy covers disposal of assets (see Policy 400.14).
B.POLICY GUIDELINES
The College administration is authorized to expend funds for purchases necessary for the efficient and effective operation of the College without obtaining prior Board approval not to exceed $200,000 from appropriated funds.
All purchases costing more than $5,000 and less than $10,000, unit price, shall be procured by securing informal competitive price quotations for items requisitioned. A single purchase may not be divided for the purpose of avoiding bid procedures.
Prior to signing a purchase contract for all purchases costing more than
$10,000, but less than $200,000, unit price, the College shall obtain a minimum of three written proposals.
All purchases costing more than $200,000 unit price, will be competitively bid by the College and legally advertised once a week for three consecutive weeks in at least one newspaper of general circulation within the college district where the work is to be done.
In accordance with Section 3357.16 (A), Ohio Revised Code, the Board of Trustees has let by contract the work of improvements in which the amount shall not exceed $200,000. The Chancellor of the Ohio Department of Higher Education will determine a biennial adjustment for inflation. Contracts in excess of stated amount should be legally advertised as required once a week for three consecutive weeks in at least one newspaper of general circulation within the college district where the work is to be done.
The capitalization amount for fixed assets with a useful life of at least one year will be $5,000 unit price. Depreciation will be applied using the GAAP principles.
The following items shall be exempt from the policy:
Unexpected emergency situations (i.e., maintenance, equipment repair);
Compatibility Requirements;
Items pre-bid for the State of Ohio or the Ohio Inter-University Purchasing Council (UIC);
Conditions of grant award;
Professional service providers (i.e., auditors, attorneys, architects, consultants);
Single/Sole source items;
Distributions authorized by the College for whom the College is the fiscal agent or custodian of funds; or
Items procured for retail sale
The College shall be authorized to insure said property. The insurance shall be purchased in keeping with statutes and bid procedures subject to administrative approval.
Business Services is authorized to keep a perpetual inventory of all real property, including movable equipment, with a purchase price of $5,000 or greater.
Business Services is authorized to make necessary transfers between line- item appropriations within a fund without limitations and is further authorized to make necessary transfers between funds not to exceed $200,000.
The President shall be authorized to deal with campus unrest, violence, and the willful or negligent destruction of property by employees, students or others in the manner prescribed by state statutes dealing with campus unrest.
POLICY HISTORY
- Policy adopted October 2010
- Policy updated May 2013
- Policy reformatted June 2017
- Policy updated April 2019
- Policy updated March 2024
D.INITIATING DIVISION
Business Services
E.POLICY REVIEWERS
Business Services
F.POLICY REFERENCES
- No forms referenced
- Section 3357.16 (A) ORC; Executive Order 2010-09S https://procure.ohio.gov
- http://www.iucpg.com
- 400.14 Disposal of Surplus Equipment & Other Assets
