The Drake University Contract Policy governs who has authority to sign contracts. The policy was changed a few years ago to authorize various individuals to sign contracts, based on contract value thresholds. This allows us to streamline the contracting process, create appropriate accountabilities for contracts, and enhance our ability to effectively negotiate favorable contract terms.

Who has authority?

• Board of Trustees—All real estate purchases and sales, security interests and permanent easements over $100,000, all land leases, acceptance of gifts of real estate, construction or capital improvement, all long-term debt transactions, legal settlements in excess of $100,000, retention of audit services, and investment of consultants for endowment
• Director Human Resources—Letters of Appointment
• Provost—Letters of Appointment
• Director-level leaders with responsibility for a standalone budget—Contracts worth $25,000 or less
• President’s Council Level—Contracts worth $250,000 or less
• President/ Chief Financial Officer—Contracts worth $250,001 or above

Only the above have authority to sign for contracts on behalf of Drake as set forth in the Board-approved policy.

Please visit the contracting website for all information relating to the contracting policy, checklist, templates, and contact information.

—Kelly Foster, Finance & Administration