Policy 14
/Purchasing Policy
It shall be the policy of Lummi Island Scenic Estates Community Club (LISE) to purchase appropriate supplies, equipment, materials, and services necessary for its operation at the least cost of LISE funds.
When possible and feasible, LISE shall utilize recyclable materials and purchase goods containing recycled materials. In order to make purchases in a systematic, uniform manner; the following procedures shall be followed:
- All single purchases totaling $1,500 or more shall have prior verbal approval from an Officer of the Board.
- Vendor selection shall be based on price, availability, reliability, product, and service quality. Purchase from the lowest price vendor is not required for special purpose or unique items that are available from a single source or in cases where the lowest cost vendor is not able to provide product or services in a timely manner. To assure that funds are expended in a cost-effective manner, the following procedures shall be followed:
Purchases of less than $1,500: No price quotes or bids required.
Purchases of $1,501 to $4,999: Two verbal price quotations required.
Purchases exceeding $5,000: Three written price quotations required.
(The above stated amounts in item #2 refer to a single purchase of goods or service and shall not apply in case of an emergency.)
Effective 16 December 2007.
Approved by the Board of Directors in regular session 16 December 2007, Mark Buford, President.
