Approving Requests in Excess of $5000
This procedure identifies the evaluation of transactions in excess of $5,000 and the policy requirements for various payment mechanisms. Loyola University Chicago maintains a varying number of mechanisms to generate disbursements and payment requests. Various issues must be addressed to determine the proper approval requirements for each mechanism. The various methods for payment and payment request include the following:
• Check Requisition
• Expense Reimbursement
• EFT - Wire Transfer/ACH (Treasury Form)
• Procurement Card
• Web Requisition
• Paper Requisition
CHECK, EXPENSE REIMBURSEMENTS & WIRE TRANSFER/ACH REQUESTS
When a Requisition is submitted for payment, each requisition that is in excess of $5,000 must be approved by two authorized departmental signatories. These signatories must be designated through the normal signature card process. In the event a request in excess of $5,000 is submitted without two authorized approvals, the request will be returned to the submitting department for the additional approval.
PROCUREMENT CARD
For Procurement Card transactions, each transaction must be reviewed by the cardholder and approved by the designated cardholder’s approver. Procurement Card Administration will systematically schedule reports that will be used to monitor these transactions on a monthly basis in order to ensure that this dual level of review and approval occurs.
WEB REQUISITION
Web Requisitions are the web-based Purchase Requisition forms used by the University faculty and staff to request goods and services through the Procurement and Purchasing Department. The approval of these requests is an automated process through the Lawson Requisition Center module. This system will automatically identify a request in excess of the $5000 threshold and require a primary and secondary approval in order to be processed through the system.
PAPER REQUISITION
Paper Purchase Requisitions are forms used by users still to be set up for procurement in the Lawson Requisition Center module. When a department submits a requisition to Purchasing for processing, any requests in excess of $5000 must be approved by two (2) authorized department signatories. These signatories must be designated through the normal signature card process. In the event a request in excess of $5000 is submitted without two (2) authorized approvals, the request will be returned to the submitting department for the additional approval.
Effective: July 1, 2012
Reviewed/Updated: June 2024
This procedure identifies the evaluation of transactions in excess of $5,000 and the policy requirements for various payment mechanisms. Loyola University Chicago maintains a varying number of mechanisms to generate disbursements and payment requests. Various issues must be addressed to determine the proper approval requirements for each mechanism. The various methods for payment and payment request include the following:
• Check Requisition
• Expense Reimbursement
• EFT - Wire Transfer/ACH (Treasury Form)
• Procurement Card
• Web Requisition
• Paper Requisition
CHECK, EXPENSE REIMBURSEMENTS & WIRE TRANSFER/ACH REQUESTS
When a Requisition is submitted for payment, each requisition that is in excess of $5,000 must be approved by two authorized departmental signatories. These signatories must be designated through the normal signature card process. In the event a request in excess of $5,000 is submitted without two authorized approvals, the request will be returned to the submitting department for the additional approval.
PROCUREMENT CARD
For Procurement Card transactions, each transaction must be reviewed by the cardholder and approved by the designated cardholder’s approver. Procurement Card Administration will systematically schedule reports that will be used to monitor these transactions on a monthly basis in order to ensure that this dual level of review and approval occurs.
WEB REQUISITION
Web Requisitions are the web-based Purchase Requisition forms used by the University faculty and staff to request goods and services through the Procurement and Purchasing Department. The approval of these requests is an automated process through the Lawson Requisition Center module. This system will automatically identify a request in excess of the $5000 threshold and require a primary and secondary approval in order to be processed through the system.
PAPER REQUISITION
Paper Purchase Requisitions are forms used by users still to be set up for procurement in the Lawson Requisition Center module. When a department submits a requisition to Purchasing for processing, any requests in excess of $5000 must be approved by two (2) authorized department signatories. These signatories must be designated through the normal signature card process. In the event a request in excess of $5000 is submitted without two (2) authorized approvals, the request will be returned to the submitting department for the additional approval.
Effective: July 1, 2012
Reviewed/Updated: June 2024