Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 597]

EXTRACTED TEXT FROM PAGE:

594

BOARD OF TRUSTEES

[ M a r c h 10

(2) Purchases shall be made on the basis of competitive prices wherever practicable, quality, suitability, and service considered. Purchases amounting to $1,000 or more made from general funds or non-itemized appropriations shall be submitted to the Board of Trustees or to the Executive Committee, unless, in the opinion of the President of the University, urgent necessity exists that requires immediate action, in which case the President shall act and report promptly to the Board. (3) In purchasing or contracting for competitive items, so far as it is practicable, sealed bids or quotations will be secured, the announcements to indicate the time and place when the bids will be opened. Bids of a major character shall be publicly opened in the presence of at least one member of the Board of Trustees. Routine items shall be opened in the presence of the Secretary of the Board of Trustees or the Comptroller. (4) The Purchasing Agent shall purchase or issue orders for the purchase of all articles and materials for all departments of the University in all cases where the Board has not given this authority to some other person or committee. He shall see that the materials or articles delivered are of the quality, kind, and price prescribed. He shall have supervision over all general storerooms except as otherwise provided. (a) In the purchase of materials and equipment for the various departments of the University, it shall be his duty to secure the advice of members of the departments in the selection of proper qualities or kinds and in the purchase of items for scientific and instructional uses, he shall obtain the approval of the head of the department before placing orders. Purchases of material and equipment for the Physical Plant Department shall be made in accordance with the recommendations of the Director of that department. D. Accounting and Auditing (1) T h e Chief Accountant shall: (a) keep or supervise the keeping of the general financial records of the University; (b) see that all claims against the University are properly verified and approved for payment; (c) see that all claims in favor of the University are properly accounted for; (d) prepare all warrants on the Treasurer and vouchers against State appropriations; and (e) prepare all general financial reports. (2) The Auditor shall: (a) verify by continuous audit the transactions and records of all officers and employees responsible for the receipt or expenditure of money, for the keeping of accounts, or for the custody of property; (b) audit the accounts of all organizations required to submit financial reports to the University. E. Petty Cash Funds (1) The Comptroller is authorized to establish and administer petty cash funds where necessary for the prompt and efficient handling of university business, providing that no single fund of more than $1,000 may be established without specific action of the Board of Trustees, and provided further that all persons in whose hands a petty cash fund is placed shall be bonded in satisfactory amount. T h e Board shall designate the banks in which petty cash funds may be deposited and require that persons to whom petty cash funds are advanced make deposits in the banks designated. F. Bonds of Employees (1) T h e Comptroller, Bursar, Purchasing Agent, and all persons responsible for the collection or handling of money or for signing the name of the President or Secretary of the Board of Trustees to warrants and vouchers of the University, shall furnish adequate surety bonds, the amount thereof to be determined by the Board and the expense to be paid by the University.