Summary of Authorizations/Approvals | St. Lawrence University Business Office

Summary of Authorizations/Approvals

Contracts

  • Student Life Contracts up to $5,000 (excluding leases) - President, VP for Finance & Administration, or VP for Student Life
  • Contracts up to $10,000 (excludes leases) - President,  VP for Finance & Administration, or Purchasing Director
  • Facilities Contracts up to $100,000 (excludes leases) - President, VP for Finance & Administration, or Chief Facilities Officer
  • Contracts greater than $100,000 (require VP for Finance approval) - President or VP for Finance & Administration

Committing to Purchase Goods or Services

(Requisitions to create Purchase Orders)
(Purchase Orders may only be issued by the Purchasing Department)

  • Up to $1,500 - President, Purchasing Director, Applicable Senior Staff, Department Head or Appropriate Buyer
  • Greater than $1,500 up to $10,000 - President, VP for Finance & Administration, Purchasing Director, Applicable Senior Staff, or Department Head
  • Greater than $10,000 up to $100,000 - President, VP for Finance & Administration, or Applicable Senior Staff
  • Greater than $100,000 requires Division VP AND VP for Finance & Administration or President

Committing to Purchase Goods or Services (Purchasing Card)

  • Up to $1,500 - President, VP for Finance & Administration, Purchasing Director, Applicable Senior Staff, Department Head or Appropriate Buyer

Approving Payments

  • Invoices Matched with Purchase Order
  • Invoice < or equal to Purchase Order  - No Additional Approval Required
  • Invoice > PO by 5% overall up to maximum total $1,500 - Appropriate Department Head
  • Invoice > PO by >5% overall or > $1,500 (requires two approvals) - Purchasing Director AND (*Department Head or *Appropriate Buyer) for the second approval

Travel Expense to Employees

  • Direct Reports to level below SS for travel <$1,000 -  Appropriate Dept Head
  • Non-direct Reports if > $1,000 and Direct Reports - Appropriate Senior Staff
  • Senior Staff (CFO may approve for President) - President or VP for Finance & Administration
  • President (Audit Committee reviews annually) - VP for Finance & Administration

Making Payments for Bank Accounts - Treasury
(note: only designated individuals may sign for treasury activities.  No delegation of signing authority is permitted for any treasury)

  • Under $50,000 - image of CFO signature printed on check
  • Over $50,000 - requires two signatures

Wire Transfers and ACH Transactions Initiated by University

  • New Payment Template (requires approval by someone other than creator and either Senior Controller or Assistant Controller may approve
  • ACH or Wire Transactions < $10,000 - accounts payable clerk
  • ACH or Wire Transactions > $10,000 - Senior Controller or Assistant Controller
  • If ACH or Wire Transactions is to a non SLU account and > $100,000 - VP for Finance & Administration

Wire Transfers and ACH Transactions initiated by External Party to Debit SLU Bank Account

  • Notify M&T of ogranizations authorized to debit the university's accounts for amounts up to $100,000 - Assistant Controller
  • Nofity M&T of organizations authorized to debit the university's accounts for amounts in excess of $100,000 - VP for Finance & Administration
  • Conduct semi-annual review of vendors authorized to debit bank accounts - VP for Finance & Administration and Senior Controller

Authority Level

  • New Hires - President, VP for Finance & Administration, appropriate Senior Staff, Human Resources, and Hiring Manager
  • Relocation - VP for Finance & Administration, appropriate Senior Staff, and Human Resources
  • Annual Salary Adjustments - President, VP for Finance & Administration, appropriate Senior Staff, and Human Resources
  • Senior Staff Compensation - Compensation Committee and President
  • Special Salary Adjustments - President, VP for Finance & Administration, appropriate Senior Staff, and Human Resources
  • President Compensation - Compensation Committee

Disposing of Surplus or Obsolete Assets

  • University Surplus Property <$10,000 - VP for Finance & Administration and Director of Purchasing
  • University Surpolus Property >$10,000 - VP for Finance & Administration

Write-offs/Write-downs/Financial Statements

  • Accounts Receivable/Loans up to $10,000 - Assistant Controller
  • Accounts Receivable/Loans up to $25,000 - Senior Controller
  • Accounts Receivable/Loans > $25,000 - VP for Finance & Administration
  • Other Assets up to $25,000 - Senior Controller
  • Other Assets > $25,000 - VP for Finance & Administration

General Business Development

  • Legal Entity Change - Board of Trustees
  • Licensing Agreement - VP for Finance & Administration and Appropriate Senior Staff
  • Real Estate Transactions for less than $100,000 - President and VP for Finance & Administration
  • Real Estate Transactions for $100,000 or more - Board of Trustees
  • Gift Agreements - VP for Finance & Administration and VP for Advancement
  • Gift Agreement Ammendments - VP for Finance & Administration
  • Lease Agreement - VP for Finance & Administration

Bank Accounts, Insurance Policies

  • Open or close bank, brokerage, custodian accounts - VP for Finance & Administration
  • Bank Resolutions or Agreements - VP for Finance & Administration
  • Insurance Policies - VP for Finance & Administration

Tax Forms

  • IRS Form 990 and 990-T - Audit Committee Review, VP for Finance & Administration sign, and Senior Controller prepare
  • NYS CT-13 Form - VP for Finance & Administration sign, and Senior Controller prepare
  • IRS Form 941 - VP for Finance & Administration and Senior Controller, sign and Payroll Clerk, prepare
  • Deferred Gift Tax Filings - VP for Finance & Administration and Senior Controller, sign and Custodian, prepare
  • IRS Form 1042 - VP for Finance & Administration and Senior Controller