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Below is the Board of Director (BoD) approval process in accordance with FOM 8- Contracts and Purchase Orders.
BoD Approval Process
- All contracts with a value of $1,500,000 and greater require approval of the Board of Directors following final review by Strategic Sourcing.
- Approximately 3 weeks before each scheduled BoD meeting, Strategic Sourcing submits to the Corporate Activities Department, a summary of all purchases and contracts requiring the BoD’s approval.
- Originating Unit Responsibility is to complete all applicable sections and attach all applicable documents to the electronic contract file upon submission to Strategic Sourcing. Word document summary should include:
- Contract/project details
- Contract/project history for addendums
- Total value (include breakdown when applicable)
- Confirm value was previously approved in budget (if not, explain)
- Full term (commencement & expiration dates)
- Termination/cancellation details
- Insurance details
- Bid information including justification of supplier and price
