Signatory Policy

I. EFFECTIVE DATE

03/12/2024

II. LAST REVISION DATE

03/12/2024

III. RESPONSIBLE PARTY

University Financial Services

IV. SCOPE

All University employees are subject to this Policy.

V. PURPOSE

This Policy is designed to provide clear and uniformly followed guidelines regarding the authority to execute contracts on behalf of Marymount University (“University”) with outside persons and entities.

VI. POLICY STATEMENT

To support the University’s educational, research, and business operations, it is at times necessary to enter into contracts with other entities. The University’s Bylaws provide that the President shall control and manage the University’s property, business, and activities. Through this Policy, the President has delegated this authority to the appropriate financial or academic University officials. Nothing in this Policy limits the authority of the Board of Trustees.

VII. DEFINITIONS

Contract

A contract is an agreement between Marymount University and a third-party, intended to have legal effect or be otherwise recognized at law. A contract involves two or more parties and contains essential terms that reflect their respective mutual obligations and the existence of valid and sufficient “legal consideration,” meaning that something of value is exchanged between the parties. A contract may also be referred to as an agreement, memorandum of understanding, release, waiver, license, or lease.

Signatory Authority

Signatory Authority means individuals identified in this Policy who are authorized, within the scope of their authority, to approve, execute, and acknowledge, on behalf of the University, all contracts that they determine to be necessary or appropriate to carry out University business.

VIII. POLICY

A. Contract Signing Authority

An individual has authority to execute contracts on behalf of the University if any of the following apply:

The Bylaws of the Board of Trustees grant such authority;
A resolution of the Board of Trustees grants such authority; or
There has been a valid delegation of authority as identified in Section VIII(A)(2) of this Policy.

The following individuals have been authorized as signatories on certain contracts identified below:

1. Contracts Related to the Acquisition of Goods and Services

Contract Amount	Authorized Individual(s)
$0 – $100,000	Senior Director of Procurement and Payment Services
$100,001-$500,000	Vice President for Finance and Operations
$500,001 and over	President

2. Contracts Related to Academic Initiatives

Contract Type	Authorized Individual(s)
All Contracts Related to Academic Initiatives (Non-Monetary Contracts)	President Provost
Clinical Student Placement Agreements	College Dean

3. Contracts Related to Grants and Research

Contract Type	Authorized Individual(s)
Contracts Related to Grants and Research that Have No Institutional Financial or Resource Matching Component	Vice President for Research
Contracts Related to Grants and Research that Have an Institutional Financial or Resource Matching Component between $0-$500,000	Provost
Contracts Related to Grants and Research that Have an Institutional Financial or Resource Matching Component in Excess of $500,000	President

4. Contracts Related to Gifts and Bequests

Gift Amount	Authorized Individual(s)
Non-Endowed Gift Agreements between $0-$100,000	Vice President of University Advancement
Non-Endowed Gift Agreement between $100,001-$500,000	Vice President for Finance and Operations
Non-Endowed Gift Agreement in Excess of $500,000	President
Endowed Gift Agreement between $0-$500,000	Vice President for Finance and Operations
Endowed Gift Agreements in Excess of $500,000	President

5. Other Types of Contracts

Contract Type	Authorized Individual(s)
Contracts Related to Faculty Employment	Provost
Contracts Related to Non-faculty Employment	Vice President for Finance and Operations
Real Estate Contracts Related to Purchase Agreements, Loan Agreements, and Real Estate Sales Agreements between $0-$500,000	Vice President for Finance and Operations (All real estate contracts authorizing the sale, lease, exchange, mortgage, or transfer of any interest in land or all or substantively all of the property and assets of the University must have advanced Board approval before signature.)
Real Estate Contracts Related to Purchase Agreements, Loan Agreements, and Real Estate Sales Agreements in Excess of $500,000	President (All real estate contracts authorizing the sale, lease, exchange, mortgage, or transfer of any interest in land or all or substantively all of the property and assets of the University must have advanced Board approval before signature.)
Contracts Related to Investments and Securities between $0-$500,000	Vice President for Finance and Operations
Contracts Related to Investments and Securities in Excess of $500,000	President
Contracts Related to Hiring Outside Legal Counsel	General Counsel

All individuals with signatory authority greater than any stated amount may execute documents of lesser value within the same category of authorization, and in the same manner as signatories with the category of lesser value.

All contracts referenced above may be subject to review by the Office of General Counsel and must comply with all University and Board policies governing the review, approval, and execution of contracts.

Any one authorized signatory is sufficient for prior execution unless otherwise stated in the Policy.

Individuals who enter into contracts without the proper authority or approval pursuant to this Policy may be held personally liable for any financial loss incurred by the University as a result. Further, individuals who sign contracts without proper authority pursuant to this Policy may also be subject to disciplinary action, up to and including termination.

B. Exceptions to Policy

The Vice President for Finance and Operations is authorized to make exceptions to this Policy, when doing so is deemed to be in the best interest of the University. Such exceptions must be documented in writing.