Financial Action Plan Guidance

Financial Services is your partner in understanding and implementing the Significant Purchasing form within your department. Please visit the University Financial Updates page for complete information on the Financial Action Plan moving forward.

Significant Purchases

Purchases over $50,000 require approval from the unit's senior vice president. A Significant Purchase Request must be submitted to your unit's senior vice president for approval prior to initiating a requisition. Approvals may not be delegated to a designee.

  1. The approved Significant Purchase Request must be attached to the UAccess Financials eDoc in the Notes and Attachments section prior to submitting the eDoc for approval.
  2. Items purchased with the following fund sources are exempt from the freeze:
    1. Fund Groups:
      1. AG-Agency
      2. DR-Designated Service Centers
      3. EN-Endowments
      4. LN-Loan Funds
      5. OR-Other Restricted
      6. PL-Plant Funds
      7. SP-Sponsored Projects
    2. Sub-fund Groups Within DE-Designated:
      1. BAACS-Banner Affiliation Agreement Clinic Services
      2. BAFF-Banner Academic Funds Flow
      3. BANSUP-Banner Supplemental Agreements
      4. BAPT-Banner Pass-Through
      5. BCME-Banner Continuing Medical Education
      6. MEDPRG-Medical Education and Residency Programs
  3. If amending a Purchase Order, a Significant Purchase Request is required for:
    1. Any first amendment (regardless of dollar amount) to an existing Purchase Order that is already approved for an amount of $50,000 or greater.
    2. Any amendment that is in excess of $50,000.
    3. Any amendment that causes an already approved Purchase Order in an amount below $50,000 to exceed $50,000.
  4. Units will not be allowed to switch fund sources after the approval of a Purchase Order to move from an exempt funding source to a non-exempt source to circumvent this requirement.
    1. Moving between two or more non-exempt sources or between two or more restricted sources is permissible.
  5. Financial Services will begin monitoring all General Error Corrections (GECs) over $50,000.
  6. Intentionally fragmenting or pyramiding orders to avoid the dollar threshold is not allowed.
  7. Financial Services will run a semi-monthly report on purchasing by budget unit. Additional restrictions may be put into place based on purchasing activity levels.
  8. Purchasing Card (PCard) purchases exceeding $50,000 require an approved Significant Purchase Request attached to the corresponding PCDO document. Financial Services will monitor PCard purchases to ensure compliance with the purchasing freeze.