Purchase of Assets

Purpose

To establish protocol for all expenditures beyond a threshold set by OSTA-AECO.

Policy statement

  1. All members of the organization shall follow the set procedure to receive approval of funding by the Board of Directors and Executive Council prior to incurring an expense beyond the established threshold.

Expense thresholds

The procedure for each threshold range (including taxes and gratuities) is as follows:

  1. One-time purchases below $100 within a single transaction requires approval from the Chief Financial Officer.

  2. One-time purchases of $100-$999 within a single transaction requires approval from both the Treasurer and the Chief Financial Officer prior to the purchase taking place. A written document outlining a description, rationale, and cost breakdown of the expense will be sent to the Chief Financial Officer for approval no later than 14 days prior to the incurrence of the expense in question.

  3. One-time purchases of $1,000-$2,499 within a single transaction requires approval from both the Board of Directors and Executive Council. The Treasurer of the Board and the Chief Financial Officer must sign-off on behalf of the Board and Executive Council respectively prior to the purchase taking place.

  4. One-time purchases of $2,500-$9,999 within a single transaction requires approval from the Executive Council and ratification from the Board of Directors prior to the purchase taking place.

  5. One-time purchases greater than $10,000 (excluding conference expenditures; refer to Expenses policy) within a single transaction requires a majority vote of approval from all members of the organization.

Responsibilities

Directors and Executive Council

  • Shall have the obligation to ensure all procedures are followed.