However, they may designate other contracting officers in their written plan. Certain kinds of transactions, such as bank accounts, gifts, real estate, sponsored projects, and capital projects may require approval by the Board of Trustees or one of its committees. The responsible individual must ensure that all such transactions are approved in accordance with Board of Trustee legislation. The President, as chief executive and educational officer of the university, is authorized to approve any transaction not specifically requiring Board of Trustee action. The Provost exercises the powers and duties of the President during the President's absence.
Transactions requiring institutional review and approval do so for reasons other than their size.
Statutory college transactions may also require approval from one or more state agencies, the Provost, the Director of Statutory College Affairs, Statutory Finance and Business Services Office, or the Statutory Office for Capital Facilities. The Provost and the Vice President for Administration and CFO designate within their organizations those units to be considered operating units with authority and responsibility for establishing a signatory approval structure to ensure appropriate review of all transactions. The head of each operating unit is required to formalize and delegate operating unit authority to appropriate individuals within the unit. This delegation of authority must ensure that adequate review and approval are in place. A detailed written plan for the delegation of approval must be submitted to the Provost or Vice President for Administration and CFO or their designees for review and approval.