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 history for addendums
Total value (include breakdown when applicable)
Confirm value was previously approved in budget (if not, explain)
Full term (commencement & expiration dates)
Bid information including justification of supplier and price