Numerous employees representing Davidson College enter into contracts with third parties. A comprehensive, college-wide policy governing the execution and payment of these contracts will provide a consistent process for contract formation and payment.
This policy establishes those who are authorized to sign contracts to enter the college into official commitments, financial or otherwise.
All College Contracts shall be executed in accordance with the terms of this policy.
The Trustees of Davidson College have authorized the President to enter into contracts, subject to policy guidelines established by the Trustees and subject to the resolution adopted at a meeting held on April 12, 2002, authorizing certain officers of the college to enter into certain agreements related to the purchase and sale of real estate and securities. The President's authority to enter into contracts may be delegated as described in this policy.
Any and all contracts must be signed by an authorized legal representative of the college who has been delegated that responsibility.
"College Contract" includes any agreement, promise to perform, lease, or contract of which the college is a party.
"Contract Authority" refers to the authority to approve and enter into College Contracts.
The Vice President for Finance and Administration shall oversee this policy and review it at least once every two years. Changes to this policy shall be made in accordance with the college's Policy on Policies.
Before executing any College Contract, the employee shall determine that he or she has the actual authority to enter into a contract on behalf of the college. The contract must comply with all applicable laws and college policies, as well as sponsor, donor, or other restrictions if applicable.
The individual must determine whether there is any adverse impact of the contract on any aspect of the college's business or educational mission. Consultation with the appropriate constituencies likely to be affected is strongly encouraged. It is the responsibility of the employee with Contract Authority to determine if the contract needs to be reviewed by General Counsel, Business Services, or Human Resources prior to signature. The individual with Contract Authority must also verify the contract does not create a conflict of interest, as that term is defined in the college's conflict of interest policy and ethics policy for non-trustee officers and key employees. If a conflict exists, it must be resolved or the contract abandoned or terminated.
Contract Authority is delegated by the President as follows. However, the President reserves the right to review each on a case by case basis. Contract Authority may be delegated only as set forth below. Any designation of Contract Authority should be made in writing.
|General Contracts Exceeding $100,000 or with a Term of 5 Years or Longer (Regardless of Contract Amount)||Vice President for Finance and Administration; provided that any general contract exceeding $250,000 shall be reviewed by General Counsel prior to signature, and contracts that relate primarily to technology (hardware and software) shall be reviewed by the Chief Information Officer prior to signature.|
|General Contracts||Division Head or his/her designee; provided that contracts that relate primarily to technology (hardware and software) shall be reviewed by the chief information officer prior to signature|
|Employment Contracts for Faculty||Tenure-track appointments normally are signed by the President, but authority may be delegated to the vice president for Academic Affairs. Faculty appointments other than tenure-track appointments are signed by the vice president for Academic Affairs|
|Employment Contracts for Intercollegiate Athletics||While normally signed by the President and director of Athletics, authority may be delegated to the director of Athletics|
|Contracts Related to Energy, Utilities, Campus Operations, and Construction and Design||Vice President for Finance and Administration or Director of Physical Plant; provided that any contract in this category exceeding $250,000 shall be reviewed by the vice president for Finance and Administration and General Counsel prior to signature
(Subject to Trustee policies regarding capital projects)
|Contracts Related to Payment of Tuition and Fees||Vice President for Finance and Administration or Controller|
|Contracts for Private Donations||While normally signed by the President and vice president for College Relations, authority may be delegated to the vice president for College Relations|
|Affiliation Agreements with Institutions of Higher Education as well as Sponsored Projects, Grants and Contracts||Vice President for Academic Affairs, or a designated Associate Dean for Academic Affairs|
|Performance or Speaker Contracts||Division head or his/her designee; provided, however, that the contract must be reviewed by Business Services prior to signature if any of the following conditions apply: (a) performer is a non-U.S. citizen; (b) payment amount is greater than $2,500; or (c) performer resides outside of North Carolina|
|Financial Aid Contracts and Scholarship Agreements||Vice President for Admission and Financial Aid or Director of Admission|
|Admission Contracts with Students||Vice President for Admission and Financial Aid or Director of Admission|
|Contracts Related to Stocks, Bonds, or Securities||President or Vice President for Finance and Administration (Subject to Trustee Resolution)|
|Contracts Related to Real Estate Transactions or Leases||President or Vice President for Finance and Administration (Subject to Trustee Resolution)|
Date of Adoption: July 29, 2013
Effective August 12, 2013