A5200.00 Expenditure Authorization

Operating Standard

Type: Administrative
Responsible: Vice President of Administrative Services
Related Policies: A5200
Linked Operating Standards: 
Related Laws: 30 ILCS 235/0.01;110 ILCS 805/3-27.1
Related External Standards: GFOA
HLC Criterion: 2A2A The institution establishes and follows policies and processes to ensure fair and ethical behavior on the part of its governing board, administration, faculty and staff., 3D3D The institution provides support for student learning and resources for effective teaching., 5B5B The institution’s resource base supports its educational offerings and its plans for maintaining and strengthening their quality in the future., 5C5C The institution engages in systematic and integrated planning and improvement.

A5200.00 Expenditure Authorization PDF

 

Statement

The College is committed to ensuring all expenditures are conducted with the utmost responsibility, efficiency, and aligned with best practice financial management principles.  By adhering to this standard, the College commits to maximizing value, maintaining transparency, and upholding the highest ethical standards in all our expenditure decisions.

 

Expenditure Authorization

All expenditures over $25,000 must be approved by the Board of Trustees.

All expenditures must be within the scope of the approved budget.  Individuals authorized to approve expenditures are as follows:

  • President – Up to $25,000
  • Vice-Presidents – Up to $5,000
  • Deans/Directors – Up to $1,000

All expenditure approvals must be by written signature or electronic signature.

All capital outlay expenditures and budget transfers require written approval by the College President and may be subject to Board ratification or approval.

 

Change Log Governance Unit: Administrative Services Council 
Date Description of Change
03.07.22 Policy 7153 Converted to Administrative Policy
03.07.22 Maintain Update History: January 2009, February 2017, August 2017
07.01.23 Renumbered to A5200.00
06.27.24 Converted to Operating Standard and updated approval levels
10.17.24 Changed VP to say -Up to $5k