R765-571-6. Small Purchases

  Each institution shall establish policies, rules, and processes governing small purchases.

  6.1. Each institution shall establish the maximum expenditure that may qualify as a small purchase.

  6.2. Each institution may establish expenditure thresholds and procurement requirements related to those thresholds in relation to small purchases, including, but not limited to:

  6.2.1. Purchasing Cards (P-Card)

  6.2.1.1. The purpose of a purchasing card program is to establish a more efficient, cost-effective method of purchase and paying for low-dollar transactions. Institutions shall establish procedures that govern card issuance, card-holder training, and the auditing of purchasing card transactions.

  6.2.2. Requests for Quotation (RFQ)

  6.2.2.1. Institutions are charged to seek competition whenever practicable. RFQs involve soliciting quotes from two or more known vendors. Each institution should establish procedures regarding the acceptance of phone, fax, and email quotes.

  6.2.3. Small-dollar Purchase Orders

  6.2.4. Reimbursements

  6.2.5. Petty Cash