SUPERSEDED SECTION - NOT CURRENT
SECTION 716 PURCHASES REQUIRING APPROVAL BY THE BOARD OF REGENTS
Purchases in excess of $125,000 must be submitted to the Board of Regents for approval before the purchase may be made. No such purchases may be made without prior approval by the Board of Regents. The average lead time for the accompanying competitive process and submittal for inclusion on the agenda for the Board meeting can be as long as twelve weeks. Accordingly, these purchases should be planned with sufficient allowance for such lead time. Splitting of orders to circumvent the dollar limits is specifically prohibited.