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14 HB Fiscal Polices&Procedures <br /> Email or verbal purchase Direct supervisor • Contractor <br /> < $1,499 request agreement (for <br /> services <br /> Complete and submit Executive Director and a . Contractor <br /> Between $1,500 and Purchase/Check Direct supervisor agreement (for <br /> $99,999 Request form services) <br /> • Competitive <br /> bidding <br /> Complete and submit Board approval required . Contractor <br /> > $100,000 or outside Purchase Request form agreement (for <br /> of the approved budget services) <br /> Competitive <br /> bidding <br /> Purchase <br /> Method of Payment <br /> Purchases may be made using one of three methods of payment, listed in order of preference: (1) <br /> the vendor invoices HB for the good or service; (2) staff uses a HB-issued credit card; or (3) the <br /> employee pays for expenses using their personal funds (i.e., out-of-pocket) and HB reimburses the <br /> expense. <br /> • Vendor Invoices: HB processes payments without the vendor invoice only on an <br /> exception basis. HB selects invoices based on due dates, discounts available, and <br /> availability of cash, and does not process payments for goods not yet received. Vendor <br /> invoices must include the following for recording in the accounting system: <br /> o General ledger account(s) <br /> o Class(es) <br /> o Allocation % and/or dollar amount to each account and class <br /> o Signature of requestor <br /> • Credit Card Purchases: Individuals may be issued HB designated credit cards for <br /> authorized expenses with approval of the ED. Staff may not use corporate credit cards <br /> for personal expenses; cash advances on credit cards are prohibited. Cardholders who <br /> use HB designated credit cards improperly will be held liable for any and all <br /> unapproved purchases and will reimburse HB for unapproved purchases within 30 days <br /> of the purchase. <br /> • Out-of-Pocket: Individuals may be reimbursed for purchases using personal or out-of- <br /> pocket funds. HB will reimburse out-of-pocket funds through the Accounts Payable <br /> process. Staff must submit requests for reimbursement within 30 days of incurring the <br /> expense. <br /> Vendor Qualification <br /> HB completes new vendor qualification prior to any purchase.. <br /> Accounting Staff must complete a New Vendor Verification Form for all applicable new vendors <br /> prior to set up in the Vendor Master File. Any edits to the Vendor Master File are approved on a <br /> quarterly basis by accounting staff. <br /> Last updated September 2022 <br />