Procurement Policy
Approval Authority: CONTROLLER
Responsible Executive: PROCUREMENT DIRECTOR
Responsible Office: OFFICE of FINANCE
Originally Issued: March 01, 2006
Revisions/Updates:
1. Policy Statement
Stevens' Procurement Department is authorized to act on behalf of the Institute in all procurement activities. As such, it will act as the primary agent in managing the Institute's resources.
2. Reason/Purpose for Policy
Stevens' Procurement policy and the supplemental Procurement manual are designed to serve as a guide to appropriate business behavior when making procurement decisions. All faculty and staff involved in the procurement of goods and services should familiarize themselves with this policy and the manual to ensure Stevens is in compliance with all federal and state guidelines. This includes the Competition and Price Reasonableness procedures under the Federal Acquisition Regulation (FAR), and the minimum procurement standards outlined in OMB Circular A-110 (a federal circular that sets uniform administrative requirements for institutions of higher education and other non-profit organizations).
3. Who Should Read Policy or Policy Applies To:
This policy applies to all Stevens' faculty and staff.
4. Related Documents
Accounts Payable Policy
Business and Travel Expense Policy
5. Contacts
A. DIRECTOR OF PROCUREMENT
B. OFFICE OF FINANCE
6. The Policy
Stevens Institute of Technology ?the Institute? has authorized the Procurement Department to act on its behalf in all procurement activities; as such will act as the primary agent in managing the Institute?s resources. In addition to this policy, a supplemental manual, under separate cover, was created to provide specific guidance when making procurement decisions. In implementing this policy the following is applicable:
Only authorized personnel of the Institute's Procurement Department may commit or otherwise obligate the Institute to a purchasing agreement.
The Procurement Department must follow the Code of Ethics and Conflict of Interest policy to ensure that personal activities do not conflict with their obligations to the Institute.
All contracts must be reviewed by the Procurement Department and Finance, and may only be signed by an authorized Stevens? official.
The Procurement Department will assist and educate the Stevens' community in following best procurement practices. In addition, the Procurement Department's goal is to yield goods and services that meet the Institute?s needs, in a timely, efficient, and cost effective manner.
The Procurement Department is responsible for obtaining the best price given the parameters on the Purchase Requisition and to issue and input all purchase orders into the Procurement database (FRS) as authorized.
The various Institute Departments are responsible for initiating a Purchase Requisition. The Purchase Requisition will be reviewed by the Procurement Department for completeness and proper approvals.
It is the responsibility of the Procurement Department to ensure that all procurement activities are properly documented, retained for governmental audits, and are in compliance with the Institute's internal documentation retention policy.
The Procurement Department is responsible for establishing a competitive bid process to enable the best possible purchase price for goods and services requested. Furthermore, Stevens requires that any purchase over $2,500 comply with the Competition and Price Reasonableness procedures under the Federal Acquisition Regulation (FAR.)
The Procurement Department is responsible for obtaining written certification from vendors receiving a purchase order of $25,000 and over and made with Federal funds that they have not been debarred (prohibited) form doing business with the Federal Government.
The Procurement Department is responsible for ensuring that the procurement guidelines that govern federal funds meet the minimum procurement standards outlined in OMB Circular A-110, Sections 40 through 48.