Purchasing Policy and Procedure
Prepayment of Contracts & Purchase Orders
Prepayment of purchase orders and contracts is discouraged.
Prepayment is acceptable, however, for:
- Small purchases (less than $1,000), where prepayment
is required by the supplier.
- Large purchases, under special circumstances, with the
approval of the Director of Procurement and/or the Comptroller.
- Subscriptions, where usual business practices require
payment in advance, but not to exceed three (3) years.
- Memberships in professional associations, where such
memberships have demonstrated value to the University.
- Equipment maintenance services, where such services
are performed within the budget period.
- Registration fees required in connection with attendance
at conventions, conferences, and official meetings.
NOTE: Performance bonds or other guarantees may be required
if prepayment is approved.