|Policy Number: 2.1||Effective Date: February 1996|
|Responsible Unit: Financial Services - Purchasing||Last Revised Date: August 2006|
|Phone: 520-621-1747||Email: firstname.lastname@example.org|
Purpose and Summary
This policy explains that general purchasing policies apply to all University funds (except agency funds), regardless of source. Policies for agency funds are set by the external organization for whom the University holds the funds.
This policy applies to all University locations and units, including all University extensions, satellite locations, and off-site campus units, both domestic and international.
- Agency Funds: Resources held by the University as custodian or fiscal agent for an organization or entity (the Agency) external to the University. The University must act with reasonable care in administering the funds of others. The University does not exercise any direct financial control over the use of agency funds; funds are to be spent as directed by the external organization’s policies and guidelines.
- Purchasing policies apply to all purchases made with University funds, regardless of fund source, except for agency funds.
- Funds deposited within the University must be handled consistently and in accordance with University policies and all state, federal, and sponsor requirements.
* Please note that sections titled Frequently Asked Questions and Related Information are provided solely for the convenience of users and are not part of the official University policy.