Effective June 1, 2015, the University will increase its bidding requirements to the following:
- Purchases less than $10,000 may be made by departments without bidding. Departments may not split orders to avoid this bid threshold.
- Purchases between $10,000 and $50,000 must follow the policies governing informal bids.
- Purchases of $50,000 and higher must be awarded through a formal bid process.
In addition to the Purchasing policy, the following fiscal policies have been updated:
- FI0715 Entertainment–The procurement card can be used to purchase entertainment items costing less than $10,000 that have been preapproved in accordance with the entertainment policy.
- FI0420 Contracts – Payable contracts must comply with purchasing policy and must be obtained competitively unless the goods or services cost less than $10,000. Note: Any contract, regardless of the dollar amount, must still be processed through the contract review process.
- FI0530 Procurement Cards – Procurement cards can be used to purchase items costing less than $10,000. They must be for business use and payments may not be split to avoid the bid limit. Assets costing $5,000 or more may not be purchased with the procurement card.
- FI0525 Petty Cash –Petty cash purchases may be made up to $9,999.99 for a single-item purchase in accordance with the petty cash policy.
A lesson is available for Scanning and Attaching Invoices. The lesson can also be found from the invoice entry transactions (FV60, FB60, etc.) under Help -> IRIS Help -> ‘FV60 – Add Attachments.
Departments are encouraged to scan and attach invoices in IRIS for all disbursement transactions processed by them. This will soon be a requirement. This improves document storage, retrieval and assists IRIS approvers.
If you have any questions, contact the IRIS help desk at firstname.lastname@example.org.