Dollar Limits and Signature Authority

Purchase Requisition and Authorized Signature Requirements (Original signatures are required)

Items costing between $1 and $999.

  • Purchase requisitions are not required, except for the purchase of computer hardware, software and peripherals, furniture.
  • Orders may be placed via phone, fax, or email.
  • Original invoices must be submitted with payment authorization form.
  • Department head/chairperson's original signature is required on invoice or statement.

Items costing between $1,000 and $4,999

  • Purchase requisitions are required.
  • Minimum of two bids are required unless sole source purchase. (Contact purchasing office to obtain assistance in securing bids.)
  • Departmenthead/chairperson's original signature is required on purchase requisitions.

Items costing between $5,000 and $10,000

  • Purchase requisitions are required.
  • Minimum of three bids are required unless sole source purchase. (Contact purchasing office to obtain assistance in securing bids.)
  • Departmenthead/chairperson's original signature is required on purchase requisitions.
  • Administratively responsible vice president's original signature is required on purchase requisitions.

Items costing between $10,000 and $20,000

  • Purchase requisitions are required.
  • Minimum of three bids are required unless sole source purchase. (Contact purchasing office to obtain assistance in securing bids).
  • Departmenthead/chairperson's original signature is required on purchase requisitions.
  • Administratively responsible vice president's original signature is required on purchase requisitions.
  • Vice president for finance's original signature is required on purchase requisitions.

Items costing in excess of $20,000

  • Purchase requisitions are required.
  • Minimum of three bids are required unless sole source purchase. (Contact purchasing office to obtain assistance in securing bids).
  • Departmenthead/chairperson's original signature required on purchase requisitions
  • Vice president's original signature is required on purchase requisitions.
  • President's original signature is required on purchase requisitions.

Approved Capital Budget Items

The purchase of capital items approved within the capital budget requires bids and authorizations in accordance with the above purchase order and signature authorization requirements.

Non-Approved Capital Purchases

Equipment or software purchased with a value in excess of $1,000 that is not in the approved capital budget will be charged to your departments OTPS budget. Please prepare a budget transfer form for approval prior to your submission of a purchase requisition. Funds equal to the amount of the purchase should be reclassified on the budget transfer form to object code # 73350 (Equipment purchases).

Computer Hardware, Software and Peripherals

In order to insure system compatibility and compliance with replacement guidelines, the Vice President of Information Technology must also approve the purchase requisitions for these types of items.

General

Please ascertain that there are sufficient funds in your operating budget under the proper object code prior to any purchase and/or request to purchase is made. Purchasing will be unable to process a purchase requisition or issue a purchase order unless budgetary funds are available. If budgetary funds are unavailable, please submit an approved budget transfer form prior to your submission of a purchase requisition.

Purchase Orders

Purchase orders will be issued in accordance with past practice but only after submission of the required authorized documentation. The purchase order is your verification that the paperwork was received and has been processed.

Payment Authorization Form (Original signatures are required)

Please use the payment authorization form when submitting invoices for payment to accounts payable (copy attached). Please follow the above signature authorization guidelines when submitting the form.

The payment authorization form is intended to confirm the delivery and receipt of the requested goods or services and authorize the payment of the accompanying bill or invoice. Original invoices must accompany the payment authorization form. The submission of packing slips received with the goods and a notation confirming the receipt of goods in their entirety is also required.

Upon receipt of a payment authorization form, the information required to issue a payment is input into our accounts payable system. Please allow ten (10) business days for the processing of payment authorizations.

Molloy's policy is to remit payment to vendors within thirty (30) days of invoice date. This policy enables Molloy to insure reasonable economic pricing and maintain a positive relationship with our vendors. Based on a printout of our accounts payable aging, the accounts payable staff produces a run of checks weekly and checks are mailed the following day.

Timely submission of the approved documentation will enable us to adhere to the above timetable.