Review/update responsibility

Revision

Reference

Florida Statute 720.303

Florida Statute 720.31

Contracts

• must be executed consistent with the Association’s Procurement Policy.
• shall not be artificially divided (e.g., dividing the scope for a single project with a contractor into multiple contracts with the same contractor or among multiple contractors) to meet lower thresholds for authorization.

Goods and services

• The PM has the authority to execute and commit funds for the procurement of goods and services through contracts under $5,000 that are not over one (1) year in duration, if the expenditure in the year in which the spending is initiated is within the budgeted amount for the associated line-item account and the annualized spending is consistent with the current year budget. The PM also has authority to execute and commit funds for the procurement of goods and services through multi-year contracts up to three (3) years in duration if the total aggregate amount over the contract period is under $10,000 and the expenditure in the year in which the spending is initiated is within the budgeted amount for the associated line-item account and the annualized spending is consistent with the current year budget.
• The Board, by a two-thirds (2/3) affirmative vote, must approve all other contracts for goods and services.