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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:

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We shall follow good business practices in obtaining competitive prices that shall include the following minimum standards:

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Up to $1,000 - One Verbal Quotation

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$1,000 - $3,000 - Three Verbal Quotations

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$3,000 - $10,000 - Three Written Quotations

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Above $10,000 - Three written quotations with written Board approval.

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.

 
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The Property Manager will execute a purchase order authorizing the purchase of supplies or services.

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Packing slips shall be checked for each shipment and held in the management office pending receipt of invoice.

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Site inventory shall be up-dated.

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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.

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Central office accounts payable clerk reviews each invoice for packing slip, appropriate cost account coding, and Property Manager's authorization.

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Computerized check runs are executed on the 10th and 25th of each month and checks are signed by the Executive Vice President.

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Payment terms are typically net 30 days unless otherwise specified between the parties.

 

 

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Unless otherwise indicated, copyright 1999 ARCH. All rights reserved.
Revised: October 02, 2003.

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