Authorization to Obligate the University or Dispose of University Assets

“Who is authorized to act for and bind HU in any obligation?” This question should be asked when a contract or agreement obligates HU assets or incurs a liability. If University assets are to be disposed of, employees should also ask, “Who is authorized to approve the disposition?” The HU Manual of Operations, paragraph 2.2.1 Third Party Transactions, answers these questions and reads as follows:

In the carrying out of transactions that involve the acquisition or disposition of University assets, or the incurring of obligations or liabilities for the University, either the president or the vice president for finance/treasurer (one of the two persons) has authority to act for and bind Huntington University in any transaction (including, but not limited to any purchase, sale, borrowing, secured, or real estate, transaction), which transaction does not involve either the obligation or expenditure of over $400,000 of University resources or the sale of, or the grant of a lien upon, University owned assets in excess of that amount.

To summarize, the President or Vice President for Finance/Treasurer must sign and approve all agreements or contracts that obligate University assets. When in doubt, contact Connie Bonner, vice president for finance/treasurer at (260) 359-4006 or cbonner@huntington.edu. Thank you.