The procurement policies of Kentucky State University are based upon the provisions of KRS 45A.100. Various policies and procurement methods apply depending on the dollar amount and nature of the goods / services procured.
| Self-Assessment | ||||
| Standard | Yes | No | N/A | |
|---|---|---|---|---|
| 1 | Are there documented policies and procedures for the supplier payment activity? | |||
| 2 | Are the duties for approving the ordering of goods / services, processing orders, receiving orders, and authorizing invoices for payment assigned to more than one individual? | |||
| 3 | Is the public purpose of the supplier payment activity easily determinable by a reasonable person? | |||
| 4 | Are invoices processed so that payments are made within 30 days as required by Kentucky Revised Statute 45.454? | |||
| 5 | Is documentation provided in cases where supplier payments are intentionally delayed (e.g., disputed payments, other payment terms agreed upon)? | |||
| 6 | Are all payment transactions reviewed for completeness, accuracy, and compliance with contractual terms and Kentucky State University policies and procedures prior to approval for payment? | |||
| 7 | Does the review of payment transactions include ensuring that applicable supplier discounts are taken and inappropriate costs (e.g., exempted sales tax) are not paid? | |||
| 8 | Is a periodic, at least monthly, reconciliation of the Kentucky State University financial system performed to ensure detailed postings agree with supporting documentation? | |||
| 9 | Is the responsibility for performing periodic reconciliations assigned to an individual that is not responsible for approving payments? | |||
| 10 | Are “do not mail” disbursements reviewed and the necessity for processing as such properly documented? | |||
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