Policy Statement:

Lakeway Christian Schools (LCS) recognizes the importance of a well-structured purchasing workflow to ensure prudent financial management and to facilitate efficient procurement processes.

Procedure:

1. Initiation of Purchase Request:
   •  All requests for purchases must be initiated by employees, faculty, or staff members through the LCS electronic procurement system.
   • The purchase requestor, hereafter referred to as the "Requestor," is responsible for ensuring that the purchase aligns with the needs of their department and is within the budgetary constraints of their control.
2. Qualitative Review by Budget Owner:
   • The purchase request is first reviewed by the Budget Owner. The Budget Owner is the individual responsible for managing the budget allocated to their department.
   •  The Budget Owner will evaluate the purchase request for its relevance, necessity, and compliance with budgetary constraints.
   • The Budget Owner is responsible for verifying the availability of funds in their budget to cover the proposed purchase.
3. Approval Workflow:
   • Depending on the significance and monetary value of the purchase request, it may need to undergo additional levels of approval:
     • For relatively small or routine purchases, the Budget Owner's approval may be sufficient.
     • For larger or more significant purchases, the request may need approval from higher levels of management or department heads.
   • Each level of approval ensures that the purchase is aligned with departmental goals, budgetary constraints, and the overall financial objectives of LCS.
4. Verification of Available Funds:
   • Once the purchase request has been qualitatively approved and the required levels of approval have been obtained, it is submitted to the Finance Department.
   • The Finance Department is responsible for verifying the availability of funds in the appropriate budgetary allocation.
   • If funds are unavailable or insufficient, the Finance Department will communicate this to the Requestor and the respective Budget Owner, providing an opportunity to make necessary adjustments or seek alternative funding sources.
5. Purchase Order (PO) Creation:
   • Upon confirmation of available funds, the Finance Department will open a Purchase Order (PO) for the approved purchase.
   • The PO contains all relevant details, including vendor information, item descriptions, quantities, pricing, and any terms and conditions.
6. Execution of Purchase:
   • With an approved PO in place, the Requestor is authorized to proceed with the purchase from the chosen vendor.
   • All purchases must adhere to the terms and conditions outlined in the PO.
7. Receipt and Invoice Processing:
   • Upon receiving goods or services, the Requestor is responsible for verifying the receipt and confirming that it aligns with the PO.
   • Any discrepancies or issues related to the purchase should be reported to the Finance Department for resolution.
   • Invoices received from vendors should be matched with the corresponding PO and receipt confirmation before processing for payment.
8. Payment Authorization:
   • Finance will verify that the goods or services have been received and are in compliance with the PO and invoice details.
   • Once verified, Finance will authorize payment to the vendor.

Conclusion:

This Purchasing Workflow Policy is designed to promote efficient procurement processes, ensure fiscal responsibility, and maintain compliance with budgetary constraints. All employees, faculty, and staff members involved in the procurement process must adhere to this policy to streamline purchasing activities and maintain financial integrity at LCS.