Goods (Tangible Items) Costing More Than $1,500.00
Purchases of this size require a Purchase Requisition form prepared by the cost center and submitted to the purchasing department for approval. 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 (email@example.com) or x4007 for further instructions.
A Purchase Order will be prepared by the Purchasing Department from information on the Purchase Requisition form 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. To obtain a Purchase Order the following steps must be satisfied: Please note there is a three day turn around minimum, not taking into consideration holidays and weekends.
1. The cost center initiates a Purchase Requisition form with the specific details
of the item(s) to be purchased. Recommended vendor should be listed.
2. The cost center manager must sign the Purchase Requisition form.
The signed Purchase Requisition is sent to the purchasing department
(ADM 116/or via e-mail purchasing @regent.edu) for approval.
3. Purchasing prepares a Purchase Order and processes the order by
faxing or e-mailing the order to the vendor, please provide either a fax number or e-mail
address on the purchase requisition and allow up to three business days for processing.
4. The Purchasing Department will e-mail the originating cost center a copy of the
Purchase Order once it has been distributed to the vendor. This is your your information only.
5. When the merchandise is received by the originating cost center,
the cost center notifies the Purchasing Coordinator (via e-mail)to
close the Purchase Order. The Purchasing Coordinator closes
the Purchase Order and forwards a copy of the Purchase Order to
accounts payable so payment may be made.
Important Note: 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.
The university pays all vendors on "net 30" credit terms (payment 30 days after purchase). Cost centers are not authorized to negotiate different terms or make special arrangements concerning payment terms. Variances from this policy can only be approved by the purchasing manager.
The university is tax exempt for purchases made within the Commonwealth of Virginia only. Buyers are required to inform the supplier of our tax status and ensure that we are not charged tax. The exemption is not applicable to taxable services such as travel, events, entertainment expenses, catering, etc. Contact accounts payable if you have questions on which purchases are subject to tax. To access the tax exempt form: Click here
If a department decides to cancel an order, Purchasing must be contacted immediately. Cancellation policies differ from vendor to vendor. To be in the best bargaining position, please contact Purchasing as soon as possible.
Merchandise that is received in damaged condition or is an incorrect item should be reported to Purchasing IMMEDIATELY. Vendors demand that items be returned in original packing within 30 days of receipt. It is important that merchandise be inspected and used immediately upon receipt. PLEASE DO NOT RETURN ITEMS UNLESS PURCHASING HAS GIVEN AUTHORITY TO DO SO.