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Viewing: Signing and Spending Authority

Last approved: Fri, 24 Nov 2023 01:44:06 GMT

Last edit: Fri, 24 Nov 2023 01:44:05 GMT

 

Administrative
Signing and Spending Authority
114
September 30, 2020
September 30, 2020
September 26, 2018
September 2023
Board of Governors
President
Governance Committee
Financial Services

Policy

Does this policy have procedures?
Yes

Procedures

References and Resources

 
Term Description
Letter of Agreement (LOA) A written list of goods, services, or space to be provided at the agreed-to prices, terms, and time. It becomes a binding contract when signed by the associated parties.
Memorandum of Agreement (MOA) A legal document that establishes the ground rules of a positive cooperative effort for the parties wishing to work together on a project.
Memorandum of Understanding (MOU) An agreement between two or more parties outlined in a formal document. It is used as a statement of intent of what each party will be responsible for without creating any legal obligations. It clarifies the relationship and can, but does not always, create a path to move forward with a contract.
Procurement Authority As established by the Purchasing Policy (B.4.1), the Director of Procurement is responsible to ensure that goods and services are purchased in compliance with the Purchasing Policy as established and approved by the Board of Governors.
Revenue Contract A binding agreement between the College and another party that defines the terms under which revenue will be received.
Signing Authority An individual who has been duly appointed with the authority to commit the College to any binding agreement. These include but are not limited to contracts, memorandums of understanding, licenses, letters of agreement, letters of intent and affiliation agreements.
Signing Officer A Board approved employee designated to sign, make, draw, accept and deliver cheques, promissory notes, bills of exchange, orders for payment of money, agreements and instructions necessary for the operation of the College’s bank accounts.
Spending Authority An individual who has been duly appointed to authorize expenditures by virtue of the approved operating budget.
VCC Policies Policy Number
Educational Affiliations 407
Financial Responsibility and Accountability 115
Procurement 130
Provide links to all supporting documents. These may include links to Appendices, Forms, Guidelines, Handbooks, Standards or other departmental or College resources that support the implementation of this policy and/or procedures.
Are there appendices for this policy?
Yes
 
Are there associated forms?

 
Are there supporting internal documents?

 

Rationale and Additional Information

Does this change require an implementation plan?
No

ADMINISTRATIVE INFORMATION

FOR ADMINISTRATIVE PURPOSES ONLY. DO NOT EDIT. These fields are not required for governance approval.

Category 1: College Operations

 
Financial Management

Category 2: Employees

 

Category 3: Students

 

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