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Loyola University Chicago

Financial Services

Approving Requests in Excess of $5000

EFFECTIVE DATE

This policy will be effective beginning July 1, 2012.

PURPOSE

This procedure identifies the evaluation of transactions in excess of $5000 and the policy requirements for various payment mechanisms.  Loyola University Chicago maintains a varying number of mechanisms to generate disbursements and payment requests.  Various issues must be addressed to determine the proper approval requirements for each mechanism.  The various methods for payment and payment request include the following:

• Check Requisition
• Expense Reimbursement
• EFT - Wire Transfer/ACH (Treasury Form)
• Procurement Card
• Web Requisition (HSD Purchase Request)
• Paper Purchase Requisition (Lakeside Purchase Requisition)

CHECK, EXPENSE REIMBURSEMENTS & WIRE TRANSFER/ACH REQUESTS

When a Requisition is submitted for payment, each requisition that is in excess of $5000 must be approved by two authorized departmental signatories.  These signatories must be designated through the normal signature card process.  In the event a request in excess of $5000 is submitted without two authorized approvals, the request will be returned to the submitting department for the additional approval.

PROCUCUREMENT CARD

For Procurement Card transactions, each transaction must be reviewed by the cardholder and approved by the designated cardholder’s approver.  Procurement Card Administration will systematically schedule reports that will be used to monitor these transactions on a monthly basis in order to ensure that this dual level of review and approval occurs.

WEB REQUISITION (Development in process.  Go-Live TBD)

Web Requisitions are the web-based Purchase Requisition form used by the Health Sciences Division staff to request goods and services through the Purchasing Department.  The approval of these requests is an automated process through the Lawson Web Requisition Module.  This system will automatically identify a request in excess of the $5000 threshold and require a primary and secondary approval in order to be processed through the system.

PAPER PURCHASE REQUISITION

Paper Purchase Requisitions are forms used by the Lakeside and Health Sciences Campuses for the procurement of goods and services.  When a department submits a requisition to Purchasing for processing, any requests in excess of $5000 must be approved by two authorized departmental signatories.  These signatories must be designated through the normal signature card process.  In the event a request in excess of $5000 is submitted without two authorized approvals, the request will be returned to the submitting department for the additional approval.

Loyola

Loyola University Chicago Financial Services ยท 820 N. Michigan Ave. LT-1300, Chicago, IL 60611

Notice of Non-discriminatory Policy