Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1600 - UNIVERSITIES RETIREMENT › Subpart A - GENERAL › Section 1600.130 - Procurement

Current through Register Vol. 48, No. 28, July 12, 2024
a) Introduction. It
				is the policy of SURS to obtain goods and services in the most economical
				manner in order to guarantee the efficient utilization of SURS resources.
				Resources of SURS shall be committed only with proper approval, as detailed in
				this Section.
b) Purchase Orders.
				Employees requesting goods or services that cost more than $500 and that are
				not part of a formal written contract shall complete a SURS purchase order form
				and receive written approval from the person designated by the Executive
				Director as the Procurement Officer prior to placing the order. Purchases of
				less than $500 do not require a purchase order, but must be within the
				authority of the employee to purchase.
c) Contract Policy. It is the policy of SURS
				to standardize the form and content of its contracts with public and private
				bodies in order to ensure compliance with applicable State law, to ensure
				fairness to all parties, and to maximize uniformity of language.
1) Standard Addendum. In order to simplify
				the contracting process, SURS has developed a standard contract addendum that
				includes certifications considered advisable or required by State law. The
				standard addendum shall be completed and attached to (or incorporated within)
				all contracts and purchase orders entered into by SURS, but shall not be
				required for purchase orders of $25,000 or less. Any variation from the terms
				of the standard addendum shall be approved by SURS' General Counsel. The
				standard addendum may be revised by the General Counsel from time to
				time.
2) Written Contracts
A) Execution Requirements. All expenditures
				in excess of $25,000 that are not otherwise covered by any exemption stated in
				this Section shall require a written contract reviewed and approved by legal
				counsel to SURS. Contracts in any amount shall be executed by the Executive
				Director or his or her designee, unless executed by the President of the Board.
				No goods or services may be acquired, nor work commenced (unless the vendor
				specifically assumes the risk of non-payment in the event no contract is
				entered into), prior to the execution of a contract as provided in this
				Section. A copy of each contract shall be retained by the Chief Financial
				Officer.
B) Signature Requirements
i) Except as provided in subsection
				(c)(2)(B)(ii), contracts in excess of $250,000 require the signatures of the
				Executive Director, the Chief Financial Officer and the General
				Counsel.
ii) In addition to the
				requirements of subsection (c)(2)(B)(i), all contracts with persons who are
				fiduciaries with respect to any investments of SURS shall also be signed by the
				President of the Board, or his or her designee, except that the Executive
				Director's signature is sufficient with respect to investment management
				agreements or other contracts with Board-approved investment service providers
				and contract amendments with existing Board-approved investment service
				providers. The Executive Director shall provide a report of such execution,
				with a description of any contract or amendment executed, to the Investment
				Committee of the Board at the next regularly scheduled meeting.