Notes from the Oct. 18, 2004 Regents Meeting
by George Zamora
SOCORRO, N.M., October 21, 2004 – The New Mexico Tech Board of Regents has given its approval to a newly revised procurement policy for the state-supported research university, authorizing changes to better align current purchasing policies with the school’s recent implementation of its new SCT Banner Financial Software System.
Approved changes to the university’s procurement policy include requiring online pre-audits for some purchases, increasing direct payment orders to a $2,000 limit, and increasing the New Mexico Tech Director of Purchasing Services authority to $2,000 for single-source purchases.
In other official action taken at its October 18 meeting in Socorro, the New Mexico Tech Board of Regents approved adding Leyla Sedillo, associate vice president for budget at the university, as an authorized signor for the school’s Local Government Investment Program and Controller’s Bank Account.
In addition, the board approved a new checking account for New Mexico Tech at the Western Bank in Lordsburg, N.M. to support the university’s business activities associated with Tech’s training programs being conducted at nearby Playas, N.M. The new account will be used for daily deposits, allowing the university to be in compliance with state statutes regarding the use of public funds.