Policy: Financial Obligations & Expenditures
Date Last Revised: May 8, 2006
The Trustees and president of Trinity have serious fiduciary duty to protect the financial well being of the institution. Trinity expects all employees to comply with these policies and procedures to ensure Trinity’s fiscal health:
- All expenditures must receive the approval of the vice president for financial affairs;
- All expenditures of $1,000 or more must receive the approval of both the vice president for financial affairs and the president of the University;
- In all cases, such approvals must be obtained prior to incurring the obligation; the purchase order system exists to secure such prior approval.
- Failure to secure prior approval, including failure to use the purchase order system, could result in personal liability to pay for the expense. Trinity reserves the right to refuse to pay for goods and services purchased without approval.
- A budget is not the same as spending approval. Just because an item exists in a budget does not mean that funds are available to pay for the item. Separate purchase order approval is necessary.
- Purchases of computers and related technological equipment must be handled through the Technology Resources staff, unless otherwise directed by the president or vice president.
- As indicated in the professional norms section of the Employee Handbook, no employee may engage in a negotiation with any vendor without the knowledge and approval of the vice president for financial affairs;
- No employee may accept any gift or favor from a vendor.
- Trinity prefers to seek competitive bids for large expenditures, and all vendors need to be on notice that Trinity reserves the right to seek the most favorable price for any goods or services.
- Trinity will not pay for work in advance of timely and effective completion of contracts. Bidders need to be aware that Trinity will withhold final payments until receiving full satisfaction for the contract