STATEMENT OF POLICY AND PROCEDURE
Section: Finance | Chapter: General | Page(s): 1
Subject: SYSTEM PURCHASES| Sec 3, 1I
Reviewed: 2023/11/24 | Revised: 2023/11/24 | Effective: 2017/09/09
Sec 3, 1I SYSTEM PURCHASES
LARGE PURCHASES
- When purchasing materials for library collections, NLLS will seek to balance the best pricing with purchasing processes and vendor relationships.
- Purchases exceeding $5000.00 not related to library book collections require a request for two (2) or more competitive quotes except in emergencies or where contracts exist for specified products or services.
- When a higher-priced item is selected, a written explanation shall be documented explaining the reasons for the purchase.
OUTSIDE BUDGET EXPENDITURES
- The Executive Director can spend from the Contingent Reserve fund up to $10,000 for emerging operational costs outside of approved budgets without prior Executive Committee approval.
- The Executive Director will report to the Board Chair that such an expense has occurred.
