Research Foundation Board Policy EX 94-15, adopted on November 7, 1994, requires that
An operating location management review of documentation accompanying payment authorization for payments over $25,000 must be performed. The purpose of this review is to determine that the payment documentation is adequate, that all required approvals have been received, and that the invoice or other documentation supports the transaction.
The operations manager or senior-level designee performing the review must sign the documentation to indicate that the review has taken place and the documentation is sufficient for payment to be made.
Procedures for documenting a management review for payments in excess of $25,000 must be established by the operating location and approved by the chief administrative officer (president) of the operating location. These procedures must contain a list of persons who are allowed to review and approve payments of this amount and must state that the list must be submitted to the Finance Office (see next block).
A list of persons authorized to perform the operating location management review must be submitted to the Finance Office.
Operating locations must use the Delegation of Authority to list each designee's name, The operations manager must send the form to the Office of Compliance Services. Delegations will become effective once the Finance Office has received the list.
For all payments in excess of $100,000, documentation supporting the payment must be forwarded to the Finance Office for review and the check must be countersigned by an officer of the corporation or an authorized official prior to release.
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