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:
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- 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.