Policy Statement:

Lakeway Christian Schools (LCS) recognizes the importance of a structured purchasing process to ensure efficient and accountable procurement of goods and services. This policy establishes a structured process for initiating and processing purchase requisitions to ensure efficient and accountable procurement while maintaining fiscal responsibility and transparency. Compliance with these guidelines helps protect the school's financial integrity and advances its mission of providing quality education to students.

Initiating Purchase Requisitions: 

All requests for the procurement of goods or services must be initiated through the purchase requisition process. Authorized personnel responsible for requesting purchases should submit a purchase requisition form electronically, utilizing the school's Enterprise Resource Planning System (ERP), to the Finance Department.

Purchase Requisition Contents: 

Each purchase requisition must include the following information:

• Description of the goods or services to be procured.
• Quantity or estimated quantity required.
• Estimated cost.
• Justification for the procurement.
• Account code to be charged.
• Any additional relevant information.

Approval Workflow: 

• Purchase requisitions will undergo an electronic approval workflow that includes review and approval by:
  • The requesting department or individual.
  • A supervisor or department head.
  • A finance department representative.
• Purchase Order Generation: Once the purchase requisition has been reviewed and approved, a purchase order is generated from the Enterprise Resource Planning system (ERP). 
  • The purchase order will be available to submit to the vendor upon request.

Vendor Selection:

Vendor selection should be based on considerations such as quality, price, delivery, and vendor reliability. LCS seeks to obtain the best value for goods and services, taking into account quality, service, and cost.

Multiple Quotes: 

For purchases above a designated threshold, as determined by the school's finance policy, a minimum of three competitive quotes or bids will be solicited and compared before selecting a vendor. Quotes and bid records will be retained for audit and review purposes.

Emergency Purchases: 

In cases of urgent need, where an immediate purchase is necessary to maintain the school's operations, an emergency purchase may be made. Such purchases will be reported to the board as part of the budget amendment process.

Budgetary Control: 

All purchases must be made within the budgetary constraints of the respective department or fund. The Finance Department will monitor expenditures to ensure compliance with budgeted amounts.

Recordkeeping: 

Accurate and complete records of all purchase requisitions, purchase orders, quotes, and related documents will be maintained for auditing purposes. Records will be retained for the minimum duration necessary for Board review.