The Procurement Service Center will be closed May 24–26 for Memorial Day.
CU Marketplace will be undergoing scheduled maintenance from Friday, May 23 at 5:00 PM MST to Monday, May 26 at 9:00 PM MST.
During this time, affected modules will be unavailable.
We appreciate your understanding and encourage you to plan accordingly.
New Bid Threshold Effective 1/1/23
As communicated in the December PSC newsletter, CU has ended its emergency declaration that temporarily increased our bid thresholds for non-federal purchases. Effective January 1st, CU’s bid threshold is $100,000 for all goods and services. This is the threshold at which the PSC is required to issue a Documented Quote or Request for Proposals prior to issuing a purchase order.
As part of this change, and in accordance with Uniform Grant Guidance (2 CFR 200), all procurements above $10,000 must be “reasonable based on research, experience, purchase history or other information and documents it files accordingly.” To meet this requirement, for most requisitions between $10,000 and $100,000, regardless of funding type, Requestors in Marketplace will complete and upload the Source Selection & Price Reasonableness form. This form is not required if:
(1) the purchase is against an existing CU bid/contract or a cooperative contract from places such as Omnia Partners or E&I; or
(2) the purchase is a Sole Source Procurement using the Sole Source Justification Form in Marketplace.
If the Source Selection on the form is marked “Informal, Competitive Quotes/Price Sheets <$100,000”, then the Requestor must also upload both the supplier’s quote they are ordering from and a second quote from a competitor. The second quote is not required to be a formal quote from a supplier, but rather can be a published price list or screenshot from a competitor’s website.
To learn more about this policy change and see examples of completed Source Selection & Price Reasonableness Forms (SSPR), please visit our Purchasing Thresholds website.
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