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  267.0 VIII-3.10-POLICY ON APPROVAL OF PROCUREMENT CONTRACTS
 
  (Approved by the Board of Regents on October 19, 1989)
 
 
  1.  Except as provided in paragraphs 2(b) and 3 below, the Board
      of Regents shall approve all procurement contracts of $5
      million or more prior to their execution.
 
  2.  The Chancellor shall report the following to the Finance
      Committee of the Board of Regents at the first meeting of the
      Committee after the execution of the contract:
      (a)  All procurement contracts of $1 million to $5 million;
           and
 
      (b)  Emergency and expedited procurement contracts of $5
           million or more.
 
  3.  The following procurement contracts are not subject to
      paragraphs 1 and 2 of this Policy:
 
      (a)  Construction contracts for capital projects approved by
           the Board of Regents as part of the System Capital
           Program, except for those that exceed the approved
           amount by more than twenty percent;
 
      (b)  Sponsored research/educational contracts and grants; and
 
      (c)  Contracts pertaining to interests in real property.
 
  4.  The Chancellor may report to the Finance Committee, or seek
      Board of Regents prior approval of, any procurement contract
      notwithstanding the provisions of this Policy.