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Policies

Purchasing Policy

Effective Date Jan 1, 2014

Applicable Employee Classes:

All Florida Tech Employees

Revised Date:

January 2014

Approved by:

Dr. T. Dwayne McCay, President

5.11 Purchasing

Policy

University employees shall not accept any favor or gratuity from any person, firm or corporation that is engaged in or attempting to do business with the university, nor shall their position with the university be used to influence suppliers when making personal purchases.

Under no circumstances shall any employee accept a commission or other form of compensation on sales to the university.

Employees engaged in any aspects of the purchasing process are expected to be free of all relationships that are detrimental to the best interest of the university. The university will not acquire goods or services for university employees for personal use. University vendors are not expected to extend beneficial pricing for non-related university purchases, but may do so at the vendor's sole discretion. Rebates or refunds from vendors shall be the property of the university and shall be paid promptly into the university accounts.

University credit or purchasing power shall not be used to purchase goods or services for individuals or for non-university related activities except where corporate sponsored educational buying agreements are in place. Cardholders must not make purchases on their purchasing cards from vendors where the cardholder has a financial interest.

Purchasing cards may be issued to regular full-time and part-time staff and faculty. No student employees or temporary employees may be issued cards.

New cardholders will be required to have a consumer credit check prior to being issued a purchasing card. Cardholders will be required to personally reimburse the university for purchases made that are not appropriately documented as well as the approving supervisor if the approving supervisor approved the purchase. Ultimate responsibility for a department’s program resides with the appropriate Department Head or Dean.

All purchasing cards are the property of Florida Institute of Technology. All cardholders are to return the card upon request to their supervisor.

All Reconcilers will:

  • Attend a formal training class before assuming reconciling responsibility and attend an annual class thereafter
  • Review the department’s monthly credit card statement(s) and ensure the cardholder has signed and dated the statement as well as the appropriate Department Head, Dean, or other appropriate Vice President
  • Actively reconcile all transactions through the Bank of America website, ensuring that the funds are appropriated to the correct accounts
  • Provide original receipts to support each transaction on the statement
  • Confirm that all purchases have a legitimate business purpose
  • Confirm that merchandise purchased with the card has not been returned
  • Confirm that sales tax was not paid
  • Confirm that restricted items were not purchased
  • Confirm the card has only been used by the cardholder or other authorized users as directed by the Department Head, Dean, or other appropriate Vice President
  • Confirm card limits have not been exceeded or orders split
  • Notify the Purchasing Office when a card holder leaves the department or university to ensure that the card is destroyed

All purchasing card users will:

  • Attend a formal training class before assuming card responsibility and attend an annual class thereafter
  • Keep the purchasing card in a secure place
  • Understand and accept consequences for purchasing card violations
  • Ensure documentation is retained for each transaction made. Detailed receipts are required
  • Notify the Purchasing Office immediately if purchasing card is lost/stolen
  • Sign and date appropriate bank statement(s)
  • Maintain control of the card at all times unless directed by their immediate supervisor to allow another employee within the department to use it for a single purchase

Procedure

If you become aware of an employee engaged in any inappropriate activities, contact the Director of Purchasing. Violations of willful intent to disregard the policy may result in disciplinary action up to and including termination and criminal penalties.

 

 

 

 

Ref.: employee handbook 2007