Competitive bid threshold raised from $50,000 to $75,000
As part of the Procurement Modernization project, effective immediately Financial Operations is raising the threshold for Purchase Orders from $50,000 to $75,000, eliminating the requirement for a competitive tender process (e.g. RFP) within this value range.
By increasing the threshold, we will balance our risk exposure while shortening processing times, so that you will ultimately be able to purchase goods and services faster. To make a purchase valued between $50,000 and $75,000, follow the current guidelines for purchases above $3,500. These guidelines have not changed. Note:
- The $75,000 threshold is exclusive of taxes, duties and freight
- Reminder, to demonstrate value for money it is preferred that three quotes are obtained prior to submitting a requisition (recognizing that some granting agencies require 3 quotes)
Please direct any questions on the new threshold to Procurement Services Manager Curt Steckhan at email@example.com.
Thank you for your support as we make this transition.