 | Board of Visitors minutes February 6, 1993 |  |
4602
APPROVAL OF DELEGATION OF AUTHORITY TO APPROVE CERTAIN
TRANSACTIONS TO THE SENIOR VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER
- The following resolution was adopted:
- WHEREAS the Board of Visitors has by previous resolutions, delegated signatory authority to certain University of Virginia officials to approve and execute particular types of agreements and documents on behalf of The Rector and Visitors of the University of Virginia;
- WHEREAS the Board desires to amend the delegated signatory authority by increasing the monetary limit relating to contracts for goods and services that require the Board's prior approval; and
- WHEREAS the Board of Visitors also desires to extend the authority of the Senior Vice President and Chief Financial Officer to act on its behalf with respect to certain types of other transactions which have been routinely presented to the Board for action;
- RESOLVED that subparagraphs 1(f) and 1(g) of the current policy on delegated
signatory authority be and hereby is amended to read as follows:
- (f) Contracts and any other documents by which the University acquires, or contracts to acquire, by purchase, lease or otherwise, goods for an amount exceeding $5,000,000 in any one year or over the term of the contract;
- (g) Contracts and any other documents by which the University acquires, or contracts to acquire, services for an amount exceeding $5,000,000 in any one year or over the term of the contract;
- RESOLVED FURTHER that the Senior Vice President and Chief Financial Officer be
and hereby is authorized to approve, with the President's concurrence, the following types of
transactions and report them to the Board of Visitors at its next meeting following the action:
- (1) The write-off of bad debts and free service for the Medical Center, and the write-off of bad debts for the Academic Division and Clinch Valley College;
- (2) The allocation of funds for debt service, capital outlay and other purposes from unrestricted quasi-endowment income;
- (3) Acceptance of the financial report pertaining to expenditure of funds from the Pratt Estate; and
- (4) Establishment of summer conference rates for housing facilities and for meals, overnight accommodation rates for the Birdwood Pavilion, and room rates for the International Center.
| Board of Visitors minutes February 6, 1993 | |