Effective 10/2020
Policy Name |
Contract Review, Approval and Signing Authority |
Policy Category |
Entire Campus |
Policy Sub-Category |
Authorized Signers of the College |
Policy Approved By |
Cabinet/Board of Trustees |
Responsible Division Head or VP |
Authorized Signers |
Responsible Department |
Contract Owner/Contract Relationships Owner |
Responsible AVP or Director |
Data Trustees |
Original Policy Date |
N/A |
Last Known Revision Date |
N/A |
Current Policy Effective Date |
10/17/2020 |
Recommended Policy Review Date |
10/17/2021 Internal review |
Policy Applies To |
Administrators |
Additional Authority/References |
Reference: Information Retention Policy and Contracts Procedure |
POLICY PURPOSE
This document sets forth the guiding principles for contract review, approval, and execution. |
BACKGROUND
Given the role of Albright’s administrators and the need for contracted goods and services, creating a policy for guidance is essential for the betterment of all involved. The workflow understanding was not formally written in years’ past. |
DEFINITIONS
TERM |
DEFINITION |
Authorized Signers |
Designated Senior Level Administrators that have been granted signing authority by the Board of Trustees to conduct business on behalf of the institution. |
Contract Owner |
The contract owner is the representative who brought forth the contract for consideration, in circumstances where the contract is an Albright template, the owner would be the Albright employee who shared the contract to an individual/sole proprietor, corporation, partnership, or limited liability company |
Contract Relationship Owner |
Under circumstances when the company has supplied the contract, the role of contract owner falls on the company and the Albright requestor assumes the role as Contract Relationship Owner. |
Conflict of Interest |
Situations in which Covered Individuals have interests or relationships, including a financial interest or a personal or Business Relationship the might reasonably be construed to affect their independent, unbiased judgement when making or participating in the making of decisions on behalf of the Institution where such decisions will or could materially benefit them directly, indirectly or their family. |
Covered Individual |
Employees or volunteers, and their family members, of the institution that may serve as an officer, director, employee, partner, trustee, and controlling stockholder of an organization that does or is about to do substantial business with the Institution. |
Funding |
Identified funding source within the department or division responsible for payment of the contracted goods and/or services. This should be allocated within the budget for each year. |
Legal Counsel |
Consultation with an attorney is required in certain contracts and should be reviewed if there is any question to the contractual language not already revised by the Insurance review with EIIA given the local and state laws for Pennsylvania |
Risk Management |
Forecast, identify, evaluate and control the risk included in the potential problems before they occur. Main types of risk are strategic, compliance, operational, financial, and reputational. |
Vendor Relationship Disclosure |
Disclosure by a Covered Individual or from a business in which Covered Individual owns a 10% or greater interest. A Family Member of a Covered Individual or from a business in which a Covered Individual’s Family Member owns a 10% or greater interest. |
POLICY TEXT
|
ASSOCIATED PROCEDURES LOCATION
Contracts Approval and Signing Procedure, draft 03.24.2020 Information Retention Policy
|
REVISION LOG
DATE OF REVISION |
MAJOR CHANGES (Note: electronic copies of the former versions of the policy must be maintained within the unit, department, or division) |
10/17/2020 |
Board of Trustees Meeting – motion passed |
10/12/2020 |
Audit & Risk Board Committee – motion passed |
10/8/2020 |
Finance Board Committee – motion passed |
IMPLEMENTATION PLAN – For decision-making purposes only. This will not appear in the Final Policy that is posted to the Policy Repository.
The implementation plan may include a timeline, plan for communications to campus, and any necessary training essential for the rollout of the policy. |
DECISION – For decision-making purposes only. This will not appear in the Final Policy that is posted to the Policy Repository.
Date of Draft Policy Review |
10/17/2020 |
|
Name of Reviewing Committee/Individual |
Board of Trustees, Finance Committee, and Audit & Risk Committee |
|
Date Approved |
10/17/2020 |
Comments: Required Board of Trustee approval |
Date Rejected |
Click or tap to enter a date. |
Comments: |
Date Draft Tabled or Further Review Needed (provide comments including plan for re-submission) |
Click or tap to enter a date. |
Comments: |