Contract Approval Changes effective July 2017
We’ve updated the contract review and approval requirements in Fiscal Procedures effective July 1, 2017.
University Controller review and approval: dollar threshold changed
- Effective 7/1/17, University Controller approval is now required for Expenditure Contracts, Intergovernmental Agreements and Price Agreements greater than $150,000 per year.
- Previously, this approval was required for contracts greater than $50,000.
Legal review and approval: nature of review changed
- Also effective 7/1/17, legal review and approval of a reviewing attorney is now requested based on the specifics of the contract as opposed to a dollar threshold.
- Previously, this approval was required for contracts greater than $150,000.
We’re pleased to announce these new efficiencies
Our stakeholders – including the campus controllers, legal counsel, Procurement Service Center, and Chief Financial Officers – agree that these changes achieve operational efficiencies with minimal impact on risk.
For more information:
See the Contracts section (Chapter 3) of the University of Colorado Fiscal Procedures.
Or email Normandy.Roden@cu.edu.