267.0 VIII-3.10-POLICY ON APPROVAL OF PROCUREMENT CONTRACTS
(Approved by the Board of Regents on October 19, 1989;
Amended by the Board of Regents on March 11, 2009)
1. Except as provided in paragraphs 2(b), 3 and 5 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;
(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.
5. The Chancellor is authorized to waive the requirements of this Policy
concerning Board of Regents approval of contracts as necessary to satisfy
requirements related to federal stimulus program funding. The Chancellor's
written approval is required for such contracts. Waivers shall be
reported to the Board of Regents. This provision shall sunset
three years from the date of approval.