Prepayment of Orders
FIN-PUR-7.0
Note: In 2019, university policies related to university purchases (formerly FIN-PUR-01 through FIN-PUR-35) were updated and consolidated into FIN-PURCH-01 through FIN-PURCH-14. The History section of this policy contains complete information on where the topics covered by each FIN-PUR policy can be found in FIN-PURCH. A few FIN-PUR policies have been rescinded or converted into Standard Operating Procedures, and the History section contains that information as well.
About This Policy
- Effective Date:
- 02-18-1992
See current policy
- Date of Last Review/Update:
- 07-26-2016
- Responsible University Office:
- Procurement Services
- Responsible University Administrator:
Vice President and Chief Financial Officer
- Policy Contact:
Jill Schunk
Associate VP, Office of Procurement Services
jschunk@iu.edu
- Policy Feedback:
- If you have comments or questions about this policy, let us know with the policy feedback form.
Policy Statement
Payment for goods or services shall not be made unless satisfactorily received prior to payment.
Exceptions:
- Payments to local, state, and federal government entities.
- Any procurement of goods or services where the source provides an instrument of security.
- Where the funding agency has authorized prepayment.
- Service and maintenance contracts where necessary.
- Small orders (under $2,500.00) where the account manager approves prepayment.
- Approval by the Associate Vice President of University Procurement Services or the campus Vice Chancellor.
Procedures
Prepaid orders shall be submitted to Financial Management Services for inclusion of check with order. Invoices for partial shipments will be accepted.
Please note: This is an archived version of the policy. View the current version.