Procurement & Contract Services - Overview

Description

Procurement Quick Reference Guide Threshold* (per vendor, per fiscal year) a Less than $10,000 - non-capital items & services b Less than $10,000 - capital items $10,000 to $100,000 Greater than $100,000 c Payment Method Procurement Method Purchase Card OR Check Request 1 Quote Purchase Order 1 Quote Purchase Order 3 Quotes OR Existing State or Cooperative contract d Purchase Order Revised 09-08-25 e Formal Solicitation OR Existing State or Cooperative contract Procurement Quick Reference Guide Procurement Quick Reference Guide a Non-capital Items: Individual items with a unit cost of less than $5,000 in total, including tax, shipping, and set-up costs. b Services: For some individuals providing services to YC (guest lecturers, performers, artists, etc.) an Independent Contractor agreement may be required. Contact Accounts Payable with questions regarding Independent Contractors. A Certificate of Insurance will also be required for any individuals or suppliers who will be physically present on campus in order to provide services. c Capital Items: individual items with a unit cost greater than $5,000 in total, including tax, shipping, and set-up costs. Capital items must be purchased via purchase order in order to generate an asset tag and ensure the item is properly tracked at YC. d Existing State or Cooperative Contract: In some instances, YC may purchase off of a competitively bid, pre-existing state or cooperative contract, in lieu of obtaining 3 quotes. Procurement staff can assist you with identifying these contracts and suppliers that hold them. e Formal Solicitation: A publicly advertised bidding opportunity conducted by Procurement staff. Contact Procurement for information on how formal solicitations are conducted. Exceptions may be granted when a formal solicitation is not practical. In these cases, a Sole or Single Source Determination may be considered, but these must be evaluated by Procurement staff. Important Reminders • • • • This guide does not cover all purchasing situations – if you have questions or are working on a complex purchase, contact Procurement ASAP so that we can assist! Thresholds are on a per vendor per fiscal year basis – regardless of whether you are making a single large purchase or many small purchases, the thresholds and applicable policies are still in effect.