The purpose of this policy is to establish a guideline for the payment of invoices for materials, supplies, equipment, or services provided by various vendors or individuals.
- Compliance Requirements: All expenditures of institutional funds must be necessary, reasonable, and directly related to the goals and missions of the institution. All persons authorizing expenditures should be mindful that such expenditures may be subjected to scrutiny by State authorities, sponsors, auditors, and other interested parties. The University will audit all requests for payment for proper authorization and supporting documentation. All expenditures should be appropriately explained and documented in order to ensure prompt payment. Goods or services obtained not in accordance with compliance regulations will not be processed.
- In fulfilling its responsibility for the prudent management of resources, Longwood expenditure policies and procedures may be based on State or Federal rules or guidelines.
- Compliance with State law and Longwood policy necessitates properly identifying the nature of any goods or services being purchased, as well as the source of funds.
- It is the department's responsibility to follow proper procurement and budget guidelines.
- Invoices and receiving reports must be submitted within three (3) working days following receipt of goods or services. It is the responsibility of the department to ensure that all eligible discounts are earned and that the payment of late charges is avoided. State law requires that a vendor receive payment within 30 days from the time the department receives goods, services or invoice, whichever is later, or by a pre-agreed date established in a vendor contract. If payment is not received on time, the vendor can bill for interest at the prevailing 90-day U.S. Treasury Bill rate. Any interest penalty must be paid from departmental funds.
- Failure to adhere to applicable policies and procedures may result in individual liability for the unauthorized expenditure.
- The VISA small purchase charge card must be used for payment of invoices under $5,000 when the vendor accepts VISA. Expenditure documentation is to be maintained by each cardholder. Each month, transactions are consolidated on a log sheet and cover sheet, and submitted to the Accounting and Financial Reporting Office by the 7th of the month. Detailed policies and procedures are provided to cardholders through periodic training.
- Documentation: All original copies of receipts, bills, vendor's invoices, contracts, letters, or other related documents must be submitted as supporting documentation with any demand payment or receiver.
Revised and approved by the Board of Visitors, September 7, 2002.
Revised and approved by the Board of Visitors, December 03, 2010.
Revised and approved by the Board of Visitors, June 15, 2012.