Thanks to Charlie
Maniekis of Cornu Management for this sample policy!
PURCHASING PROCEDURES - The Property
Manager will recognize that the detailed operating budget is
the controlling financial document. The budget provides the
Property Manager with the authority to purchase the supplies
and services it reflects. We shall work to support local
business and service providers whenever possible in light of
overall fiduciary responsibilities including MBE/WBE goals.
Generally, the steps in the purchasing
process are as follows:
The Property Manager will execute a
purchase order authorizing the purchase of supplies or
Packing slips shall be checked for
each shipment and held in the management office pending
receipt of invoice.
Site inventory shall be up-dated.
Invoices received at the site shall
be attached to a packing slip, cost account coded and
given to the Property Manager for review and approval
before submission to the central office for payment.
Original invoices shall be forwarded to central office
on a weekly basis. Copies of all invoices are retained
at the site in vendor files.
Central office accounts payable clerk
reviews each invoice for packing slip, appropriate cost
account coding, and Property Manager's authorization.
Computerized check runs are executed
on the 10th and 25th of each month and checks are signed
by the Executive Vice President.
Payment terms are typically net 30
days unless otherwise specified between the parties.
If payment cannot be made according to the above
criteria due to cash flow constraints, the Property
Manager shall be notified for communication with vendors.