Employment 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
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