In addition to meeting the general guidelines above for all cash disbursements, the following guidelines are applicable to payments to vendors for goods and services.
- When goods to be purchased or the value of services sought are $25,000 or greater, quotes from at least two (2) vendors should be obtained and submitted with the Disbursement Request Form. If only one price quote is submitted, an explanation as to why this is a sole source purchase must be provided. (If the quote is sufficiently detailed, it can be used in place of a formal contract.) This is a requirement of the USM Foundation for disbursement purposes. Each institution is responsible for following any procurement rules that may be separately required.
- A current W-9 form must be on file at the USM Foundation for all vendors.
- An invoice from the vendor must accompany the Disbursement Request form. Note: Vendor invoice must explicitly state “Foundation” or d.b.a University System of Maryland Foundation
- Checks are sent directly to the vendor unless special circumstances dictate alternate delivery. Please contact the USM Foundation if special circumstances apply.
- The USM Foundation will not pay for or reimburse payments made to support events where students will consume alcoholic beverages.
Please see (Disbursement Requiring Contracts) for additional requirements below regarding when a written contract is needed, as well as specific guidelines related to equipment and other fixed asset purchases: