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Board of Regents Policy 8.206 Board of Regents Policy 8.206



Title

Purchases and Equipment Capitalization

Header

Regents Policy Chapter 8, Business and Finance
Regents Policy RP 8.206, Purchases and Equipment Capitalization
Effective Date:  Oct. 18, 2002
Prior Dates Amended:  Jan. 13, 1966; Oct. 20, 1978; Oct. 9, 1998; June 18, 1999; Oct. 31, 2014 (recodified)
Review Date:  August 2018

I. Purpose

To set forth policy regarding purchases and equipment capitalization.

II. Definitions

“Equipment” is defined as tangible, non-expendable personal property having a useful life of more than one year and an acquisition cost of $5,000 or more per unit.

III. Board of Regents Policy

    A. Purchases shall be made in the name of the university and according to law and board policy. No amounts stipulated in this section will be exceeded by parceling.

    B. Vice presidents and chancellors shall have the authority to make purchases in amounts less than $25,000 per transaction, which authority may be further delegated.

    C. Vice presidents, and chancellors may authorize the issuance of purchasing cards to be used in lieu of purchase orders for transactions not exceeding $2,500 provided the unit first establishes appropriate transaction guidelines.

    D. Equipment shall be defined as tangible, non-expendable personal property having a useful life of more than one year and an acquisition cost of $5,000 or more per unit.

IV. Delegation of Authority

Vice presidents and chancellors shall have the authority to make purchases in amounts less than $25,000 per transaction, which authority may be further delegated. See RP 8.206(C).

Vice presidents, and chancellors may authorize the issuance of purchasing cards to be used in lieu of purchase orders for transactions not exceeding $2,500 provided the unit first establishes appropriate transaction guidelines.

V. Contact Information

Office of the Board of Regents, 956-8213, bor@hawaii.edu

VI. References


VII. Exhibits and Appendices

No Exhibits and Appendices found

Approved

    approved as to Form:    
    Cynthia Quinn    
    October 31, 2014    
    Date    
    /S/Executive Administrator and Secretary of the Board of Regents

Topics

No Topics found.


Attachments

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