The Office of the Vice President, Chief Financial Officer, and Comptroller announces updates to 7.2.3 Purchases below the Small Purchase Limit (Small Purchases). This policy clarifies resources where individuals can identify small and diverse businesses as well as allows for purchases between $10,000 and $20,000 with a diverse or small business, that is not federally funded, to not require multiple quotes if the selected vendor is a currently certified Business Entity Program (BEP), State Use-Sheltered Workshop, or Small Business Set-Aside Program (SBSP) vendor.
Highlights Include:
- Identifies directories where small and diverse businesses can be identified.
- Exempts the multiple quote requirement for purchases between $10,000 and $20,000 IF the selected vendor is a currently certified Business Entity Program (BEP), State Use-Sheltered Workshop, or Small Business Set-Aside Program (SBSP) vendor.
Contact
If you have questions about the updates to the policy, please contact the CFO Business and Finance Policy Office at obfspolicies@uillinois.edu or your university or system purchasing office.
