Signature Authority
At the request of Dr. Papadakis, the Finance Office, in conjunction with Internal Audit has developed a signature authority approval process for Drexel University. The process requires the signature of authorized individuals for all cost centers and applies to all purchasing and accounts payable transactions including commitments that result in a cash disbursement or binding obligation for Drexel University. The signature authority approval process was placed into effect on September 24, 2001.
The approval process published by the Office of Research and Graduate Studies will remain in effect. This process requires check requests in excess of $1000 and all expenditures for subcontracts, consulting, purchased services, equipment, computers and computing supplies, dues and subscriptions to be forwarded to the Office of Research and Graduate Studies for approval.
Five levels of approval authority are listed below. Authorized individuals are required to sign purchase requisitions, check request forms or electronically approve purchases that originate from the new purchasing card.
LEVEL I |
Up to $2,500 |
Cost Center Administrators |
LEVEL II |
$2,501 to $25,000 |
Department Heads |
LEVEL III |
$25,001 to $100,000 |
Vice Presidents, Deans, Directors |
LEVEL IV |
$100,001 to $250,000 |
Senior Vice Presidents |
LEVEL V |
$250,001 and Above |
The President |
Each signer has been provided with a list of the cost centers for which he/she has authority. The list will be used to maintain a valid, original signature file for the Finance and Purchasing Offices. Signers may be added or deleted using the Cost Center Request Form available on the Comptroller's Office Web site.
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