Board of Trustees Regulations
Approved: November 16, 2001
Section V. Administrative Affairs
Subsection: C. Income-Producing Contracts
Income-producing contracts include, without limitation, contracts that
produce revenue and contracts for the conveyance, lease, license, encumbrance,
or other disposition of real or personal property of the Board. Restricted
revenue from grants or contracts with public or private agencies for instruction,
research, or service are excluded.
- Approval
- All contracts for revenue in connection
with the conveyance, lease, or encumbrance of real property shall
require Board approval.
- Authority for approval of income-producing contracts,
other than those requiring Board approval in accordance with paragraphs
a. above, is delegated to the President or his/her designee.
- Reports
A report to the Board shall be presented by the President on income-producing
contracts of $50,000 or more entered into or renewed since the last
meeting of the Board.
- Contract Preparation and Signature
- All income-producing contracts shall contain
the name of the Board and the University or office as specified
in Subsection B.3. above. All income-producing contracts which an
authorized employee believes may raise legal issues, shall be submitted
to the President or designee for approval as to legal form before
they are signed. Such approval shall not be required for income-producing
contracts, or extensions or renewals thereof, the form of which
has been previously so approved.
- All instruments relating to revenue in connection
with the conveyance, lease, or encumbrance of real property shall
be signed by the President or his designee.
- Except as provided in paragraph b. above, the
Board Chairperson is authorized to sign income-producing contracts
for the Board, and the President or his designee is authorized to
sign income-producing contracts for the University
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