Current through Register Vol. XLI, No. 43, October 25, 2024
Section 88-3-4 - Purchasing Requirements4.1. All purchases of goods and services are subject to expenditure approval. Documentation of the evaluation and decision will be imaged with the executed contract, if applicable. If the purchase does not involve a contract, documentation should be included as backup to the request for payment and imaged with the payable/voucher.4.2. Requirements for purchases up to $5,000: 4.2.1. No formal bid process is required.4.2.2. The authorized approval(s) on the request for payment will serve as documentation of the decision of reasonableness and will be imaged with the payable.4.3. Requirements for purchases greater than $5,000 but not more than $10,000: 4.3.1. No formal bid process required if prices obtained through research and inquiry are considered to be reasonable.4.3.2. Reasonableness will be determined by comparing prices to previous purchases, other published prices or prices obtained from more than one (1) vendor.4.3.3. The proposed purchase must receive the approval of an Authorized Designee or the Executive Director.4.4. Requirements for purchases greater than $10,000 but not more than $75,000: 4.4.1. Prices or quotes will be obtained from a minimum of two (2) separate sources.4.4.2. Price is not required to be the final deciding factor.4.4.3. The proposed purchase must receive the approval of an Authorized Designee or the Executive Director.4.5. Requirements for purchases greater than $75,000: 4.5.1. Bids or price quotes must be solicited from an adequate number of known qualified suppliers with sufficient response time permitted. This may be done in the form of an RFP or price solicitation.4.5.2. The RFP invitation or price solicitation must define the items or services to allow consistency and comparability of bids or price quotes submitted, if applicable.4.5.3. Bids or price quotes will be opened at a time and place prescribed in the RFP invitation or price solicitation, if applicable. Price is not required to be the final deciding factor.4.5.4. All bidders will be notified of either successful or unsuccessful bid or quote in writing, which may be via e-mail.4.5.5. Any or all bids and/or quotes may be rejected if there is a sound, documented reason for such rejection.4.5.6. The proposed purchase must receive the approval of the Executive Director or other officer or employee with full signature authority as authorized by the Board.4.6. Consultants and Contracts. The Executive Director, or other officers or employees with full signature authority as authorized by the Board, may engage consultants and execute contracts for services or software within budgets approved by the Board.4.7. Protests. Protests apply only to bids, price quotes and awards made under Section 4.5. 4.7.1. Submission of Protest. 4.7.1.a. Protests based on bid or price quote specifications must be submitted no later than five (5) working days prior to the bid or price quote opening. Protest of a purchase order or contract award must be submitted no later than five (5) working days after the award. The vendor is responsible for knowing the bid or price quote opening and award dates. Protests received after these dates may be rejected at the option of the Executive Director.4.7.1.b. All protests must be submitted in writing to the Fund and contain the following information:4.7.1.b.1. The name and address of the protestor;4.7.1.b.2. The requisition, solicitation, purchase order or contract numbers;4.7.1.b.3. A statement of the grounds of protest;4.7.1.b.4. Supporting documentation, if necessary; and4.7.1.b.5. The resolution or relief sought.4.7.1.c. Failure to submit the information required by Subdivision 4.7.1.b. shall be grounds for rejection of the protest by the Executive Director.4.7.2. Protest Review. 4.7.2.a. The Executive Director or his/her designee shall review the matter of protest and issue a written decision. A hearing may be conducted at the option of the Executive Director or assigned designee. Continuation or delay of a purchase order or contract award is at the discretion of the Executive Director.4.7.2.b. The Fund may refuse to review any protests when the matter involved has been decided in a previous protest by the Fund.