blog posts Open Comment Period: Section (19 Contracts) Nov 19, 2020 11:00 am by Angela DietzThe Office of the Vice President, Chief Financial Officer and Comptroller announces an open comment period (beginning 11/19/20 and closing 12/10/20) to present updates and additions to policies and procedures relating to contracts and the contracting process. The new policy section is available for review at the following link: Section 19 Contracts. Highlights of the policy and procedural changes include: The threshold for certain Standard Contract Templates (pre-approved and unaltered) that unit heads are permitted to approve, and sign is increasing to less than $20,000. Approval thresholds for contracts on a Contract Approval/Routing Form (CARF) or electronic approval in Illinois Contract System (iCS) are increasing. $100,000 - dean or director of the unit, or their delegate. $200,000 - university or System Offices chancellor/provost/vice president or vice chancellor/vice-provost/assistant vice president, or their delegate. Approval authority for contracts on a Contract Approval/Routing Form (CARF) or electronic approval in Illinois Contract System (iCS) may now be delegated. If the approval authority is delegated, the unit must maintain documentation of such delegation. The involvement of University Counsel for specific contracts is clarified. Policies and procedures relating to all aspects of contracts and the contracting process have been rewritten and reorganized to improve comprehension. The policy reaffirms that a university or the System Offices may reduce the dollar thresholds for which further levels of approval are required. They may also restrict the ability to delegate contract approval authority. Units should follow reduced approval thresholds and/or restricted delegation of approval, if modified by their university. This new policy section includes content that is currently located in Section 1 Introduction to Business and Financial Functions at the University of Illinois of the Business and Financial Policies and Procedures Manual. As part of this update and improvement effort, several subsections will be modified or decommissioned, and the content moved to the new Section 19 Contracts. ContactFor questions contact the Business and Finance Policy Office at email@example.com.