Purchasing requirements, fixed asset capitalization, insurance, and destruction of property.
(A) The college administration is authorized to expend funds for purchases necessary for the efficient and effective operation of the college without obtaining prior board approval not to exceed fifty thousand dollars from appropriated funds.
(B) All purchases costing more than three thousand dollars and less than five thousand dollars, unit price, and all purchases of library books and periodicals shall be procured by securing informal competitive price quotations for items requisitioned. A single purchase may not be divided for the purpose of avoiding bid procedures.
(C) Prior to signing a purchase contract for all purchases costing more than five thousand dollars, but less than fifty thousand dollars, unit price, the treasurer shall obtain a minimum of three written proposals.
(D) All purchases costing more than fifty thousand dollars unit price, will be competitively bid by the treasurer and legally advertised once a week for three consecutive weeks in at least one newspaper of general circulation within the college district where the work is to be done.
(E) In accordance with division (A) of section 3357.16 ot the Revised Code, the board of trustees has let by contract the work of improvements in which the amount shall not exceed fifty thousand dollars for fiscal years 2003 and 2004. The chancellor of the Ohio board of regents will determine a biennial adjustment for inflation. Contracts in excess of stated amount should be legally advertised once a week for three consecutive weeks in at least one newspaper of general circulation within the college district where the work is to be done.
(F) The capitalization amount for fixed assets with a useful life of at least one year will be five thousand dollar unit price. Depreciation will be applied using the hospital schedule.
(G) The following items shall be exempt from the policy.
(1) Unexpected emergency situations, for example, maintenance, and equipment repair.
(2) Compatibility requirements.
(3) Items pre-bid for the state of Ohio or the Ohio inter-university purchasing council.
(4) Conditions of grant award
(5) Professional service providers for example, auditors, attorneys, architects, and consultants.
(6) Sole source items.
(7) Distributions authorized by the college for whom the college is the fiscal agent or custodian of funds.
(H) The treasurer shall be authorized to insure said property. The insurance shall be purchased in keeping with statutes and bid procedures subject to administrative approval.
(I) The treasurer shall be authorized to keep a perpetual inventory of all real property, including movable equipment, with a purchase price of one thousand dollars..
(J) The treasurer is authorized to make necessary transfers between line-item appropriations within a fund without limitations and is further authorized to make necessary transfers between funds not to exceed fifty thousand dollars.
(K) The president shall be authorized to deal with campus unrest, violence, and the willful or negligent destruction of property by employees, students or others in the manner prescribed by state statutes dealing with campus unrest.
(L) The college will comply with the Executive Order 2010-09S "Banning the Expenditure of Public Funds on Offshore Services."
Promulgated Under: 111.15
Statutory Authority: 3357
Rule Amplifies: 3357