Goods (Tangible Items) Costing More Than $1,500.00
Purchases of this size require a Purchase Requisition prepared by the Cost Center and submitted to the Purchasing Office. EXCEPTION ONLY: if you travel frequently on University business and have been issued a Card B Purchasing Card. This card allows a cardholder to place charges greater than $1,500.00 on their credit card as it relates to travel expenses only (hotels, airline tickets, etc.) NOTE: Special event planning not related to individual travel should be completed on a contract for services only. Please contact the Purchasing Manager (purchasing@regent.edu) or x4007 for further instructions.
A Purchase Order will be prepared by the Purchasing Office from information on the Purchase Requisition and sent by Purchasing to the vendor or supplier. Procedures in this paragraph apply if the entire purchase costs $1,500 or more, regardless of the cost of individual items within the purchase.
Purchasing Cycle: Purchases of $1,500 and above require a Purchase Order (note exception above if applicable).
STEP 1: The Cost Center initiates a Purchase Requisition with the specific details of the item(s) to be purchased. Recommended vendor should be listed.
STEP 2: The person designated with budget authority within the Cost Center must sign the Purchase Requisition. The signed Purchase Requisition is sent to the Purchasing Office (ADM 116) for processing.
STEP 3: The Purchasing Office staff prepares a Purchase Order, obtains signature approval, and faxes it to the vendor.
STEP 4: The Purchasing Office distributes the goldenrod copy of the Purchase Order to the originating Cost Center after it is sent to the vendor.
STEP 5: When the merchandise is received by the originating Cost Center, the Cost Center notifies the Purchasing Coordinator (x4006) to close out the Purchase Order. The Purchasing Coordinator closes the Purchase Order and forwards a copy of the Purchase Order to Accounts Payable so the vendor can be paid.
Step 5 is important because the Accounts Payable office needs to have the Purchase Order to match with the invoice when it is received. Failure to notify the Purchasing Coordinator when the merchandise is received can delay payment to the vendor.
