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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:
  1. Contract/project details
  2. Contract/project history for addendums
  3. Total value (include breakdown when applicable)
  4. Confirm value was previously approved in budget (if not, explain)
  5. Full term (commencement & expiration dates)
  6. Termination/cancellation details
  7. Insurance details
  8. Bid information including justification of supplier and price