F1.11 Signature Authorization

Effective Date: June 20, 2023

Last Reviewed: June 20, 2023

POLICY STATEMENT

It is the policy of Stonehill College to establish appropriate internal controls and accepted best practices in the commitment and/or disbursement of funds for the College.

The purpose of this policy is to establish employee position levels and authorization limits for procurement and payment of goods and services for Stonehill College.

Signature authority is established to ensure that there is a management review and approval of the College’s expenditures.

This policy pertains to approvals for Accounts Payable Requests for Payment, Purchasing Card Transactions, Travel Advances and Travel Expense Reimbursements only. The policy does not apply to externally sponsored agreements (see Grant’s Manual) or contracts with an outside vendor (see Policy F11.5).

To ensure that all financial transactions are properly approved, the College requires financial transactions to be signed only by pre-authorized employees within established dollars authorization levels.

• Employees delegated to approve financial transactions or expenditures are responsible for assuring the following:
• An understanding of what is being approved
• The information and supporting documentation is accurate and complete
• The transaction is allowable, reasonable and justified
• The transaction is charged to the correct project(s) or accounts
• There are adequate funds to cover the expense
• The transaction complies with all existing federal, state and College regulations and

Signature Authorization Delegation

An eligible managers role shall be designated as Level 1, Level 2 or Level 3 which automatically associates approval authority and/or an authorization limit.  Appendix A is a complete list of Level 1, 2, and 3 eligible positions.

• Purchases Over $50,000:

Purchases over $50,000 must have the signature authorization of the Vice President for Finance & Treasurer and/or President and purchases over $50,000 must be first reviewed first by the VP for Finance prior to funding commitment. All multi-year contracts are required to be signed by the Vice President for Finance.

• Level 1 – Up to $50,000:

Level 1 authority includes Senior Leadership, Division Heads and Associate Vice President for Finance.

• Level 2 – Up to $10,000:

Level 2 authority includes Assistant Vice Presidents, Deans and Directors due to their responsibility with larger departmental budgets. Any invoices that subjects the department budget to go overbudget will require the divisional VP’s signature and appropriate budget transfers must be completed to cover the cost.

• Level 3 – Up to $5,000:

Level 3 authority includes positions recommended by the Controller’s Office and approved by the Vice President for Finance for departments with larger organizational structures. 

Signature Authorization Proxies

In the case of absence of a primary approver (vacation, sick, or personal leave), temporary authorization can be transferred based on the “one up” principal. In the event a temporary delegation be necessitated by a position vacancy or absence, delegations in authority must be approved by the Vice President for Finance & Treasurer, memorialized in writing and submitted to the Controller’s Office. The Vice President for Finance & Treasurer and the Associate Vice President for Finance also have signature authority in all emergency situations.

Applying Signature Authorization to the Purchasing Card

Purchasing cardholders may incur transactions subject to purchasing card policies, procedures and transaction/monthly limits of $2,500. Signature authorization by the division Vice Presidents will be required for transaction amounts exceeding this limit prior to incurring the expense.

APPENDIX A