Agenda Item No. __________



Washburn University Board of Regents



SUBJECT: By-laws Amendment; Article III, Section 1.s





BACKGROUND:





At its January 19, 1994 meeting, the Board of Regents heard on first reading a proposed amendment to Article III, Section 1.s which would authorize the administration to make expenditures of up to $25,000 without prior express approval of the Board of Regents. At its February 28, 1994 meeting after the second reading, the Board of Regents approved this amendment to the University's By-laws.





At the March 8, 2001 Board of Regents Budget and Finance Committee meeting, the administration presented an item for discussion to increase the Board expenditure approval limit from $25,000 to $50,000.





DESCRIPTION:





The Board of Regents Budget and Finance Committee concurred the limit should be increased due to inflationary changes over the years, and to accommodate more efficient and timely University procurements. However, to ensure the Board fully complies with its fiduciary responsibilities, the Committee desires to have all items approved by the administration between $25,001 and $50,000 listed each month and included for ratification as a Consent Agenda item.





The proposed By-law amendment, the underlined portion of the text, is as follows:





The Board may authorize the Treasurer to purchase such materials, supplies, and equipment as needed for the successful operation of the University, provided such purchases are within the appropriations of the designated departments or accounts; and provided further, that funds are actually in the treasury as provided by law. The Treasurer may refer any purchase requisition to the Board and, in compliance with the regulations established by the Board, shall submit to the Board for its consideration any purchase requisition, quotations or bids calling for a purchase in excess of $25,000 the amount set by Board policy. The Board may exclude from this requirement certain purchases of a routine nature, such as utility bills, book purchases for the University Libraries and Bookstore; continuing contract type purchases, such as security services, equipment, computer equipment, etc. In the event that purchases need to be made prior to a regular meeting of the Board, the Treasurer may verbally, or in writing, obtain the opinions of the Chairperson in advance of the regular meeting, and if approved, place the order and have the same confirmed at the next meeting of the Board. The Treasurer is empowered to delegate to the Business Manager and other Business Office employees the details of approving certain requisitions and the clerical operations necessary for placing the order and assembling the material in voucher form in preparation for payment.





FINANCIAL IMPLICATIONS:





Not applicable.





RECOMMENDATION:





President Farley recommends the Board of Regents approve the By-laws amendment as detailed above.











Date Signature __________________________



Jerry B. Farley, President






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