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PURCHASING AND INVENTORY CONTROL

ALDAR University Policy Library

STANDARD 9. FISCAL SOURCES, FINANCIAL MANAGEMENT AND BUDGETING
PURCHASING AND INVENTORY CONTROL

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The Policy

The responsibility of material the procurement, services, and equipment is on the Finance and Administration Director / Procurement Committee. 

ADUC has established a list of reputable and competitive suppliers/vendors for each of its various requirements. 

  1. For each purchase of more than AED 10,000, the Finance and Administration Director must secure three quotations from various vendors before placing an order. 
  2. Small expenses (such as courier, postal petrol) are made through petty cash 

 

Limits of authorizations: 

  • Expenses up to AED 50,000, the authorized signatory is the President. 
  • Expenses up to AED 10,000, the authorized signatory is the Vice-President for Academic Affairs
  • Expenses up to AED 5,000, the authorized signatory is the Dean. 
  • Expenses up to AED 1,000, the authorized signatory is the Department Chair. 

 

Procedure

Purchase Procedure 

  • For all items to be purchased, a Material Requisition Form (MRF) must be prepared and approved by the concerned unit Heads as per the limits of authorization. The original copy of the MRF is handed over to the Accounts Department, and a copy is retained in the user unit for the record. 
  • The Finance and Administration Director’s responsibility is to verify the ADUC stock inventory before proceeding with a purchase. 
  • The receipt of the purchased items is registered in the EIAS with a proper reference Number.