Board of Trustees
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.
- 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.
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