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Objectives and Responsibilities
In order to insure appropriate expenditure of Longwood funds, these general principles will be followed: 1. All funds deposited with the University, regardless of source, are considered University funds. Purchases of equipment, materials, goods and services using these funds must comply with established University purchasing policies procedures and the Agency Procurement Manual of the Commonwealth of Virginia. 2. A properly executed Purchase Order or an MASTERCARD transaction are the only valid methods of committing the University for the purchase of equipment, materials, goods or services. The Purchase Order must be approved by the Director of Materiel Management or his/her designee. 3. Delegation to acquire materials, goods or services up to $5,000 has been granted to the faculty and staff using a Purchase Order or the University MASTERCARD. 4. All purchases of equipment, materials, goods, and services (including consultants) shall be made in a fair and equitable manner. |
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