CHARTIABLE VENTURES OF ORANGE COUNTY (DBA PROJECT KINSHIP)

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CharitableVentures '^.. Policies and Procedures _.. PROCUREMENT POLICY INTRODUCTION CVOC's goal for every purchasing transaction is to obtain the best value possible. Best value is determined by evaluating many factors (such as price, delivery capabilities, quality, past performance, training, financial stability, service capabilities, ease of ordering, payment, etc.) and selecting a vendor that offers the best combination of those factors. When bids are required by policy, they are to be conducted on an open and competitive basis and without favoritism, in order to maximize the best value to the projects and CVOC. Interested suppliers will receive fair and impartial consideration. CVOC's procurement policy is intended to be consistent with the Generally Accepted Accounting Principles. CVOC projects will ensure that each transaction is classified or defined as an allowable expenditure. For sponsored programs, certain purchases may be unallowable. AUTHORITY AND RESPONSIBILITY As stated above, CVOC maintains a procurement environment that delegates considerable decision - making authority to projects. These activities include: • Determining which products and services they need to run their programs. • Initiating requisitions to the existing active vendors. • Appropriately handle individual purchases less than $500. Employees involved in the purchasing process take full responsibility for understanding CVOC's policies and procedures regarding purchasing and vendor relations. Purchasing decisions are business decisions made on behalf of CVOC and therefore should be made with the utmost consideration for what is in the best interest of CVOC. Segregation of duties and responsibilities in the purchasing process provides proper controls. As the dollar value and complexity of a purchase increases, so does the level of authority and responsibility required to obligate CVOC for a purchase. An example of segregation of duties within a project is as follows • Requester/end user: Determine what they need; Research vendors; Solicit prices; Analyze costs and assess other important factors (i.e. delivery, customer service, etc.); Select a vendor; Initiate a Purchase Order process through CVOC's financial system; Track documents and paperwork flow; and Ensure the proper receipt of ordered goods or services. • Approver (program director, etc.): Validate the legitimate business purpose of the transaction; Validate that adequate funding is available; Approve purchase orders; Ensure compliance with CVOC policy and applicable regulations; Monitor and reconcile purchase transactions using the financial system and associated financial statements and reports; Review and approve reimbursement requests and other special purchasing transactions; and Monitor budget.