Payments to Vendors for Goods and Services

In addition to meeting the general guidelines for all Cash Disbursements, the following guidelines are applicable to payments to vendors for goods and services.

  • When goods to be purchased are $25,000 or greater, quotes from at least two (2) vendors should be obtained and submitted with the Disbursement Request Form. If only one price quote is submitted, an explanation as to why this is a sole source purchase must be provided. (If the quote is sufficiently detailed, it can be used in place of a formal contract.)
  • When the value of services to be rendered is $25,000 or greater, a justification for the selection of a specific contractor must be included with the contract unless more than one bid was received.
  • A current W-9 form must be on file at the USM Foundation for all vendors
  • An invoice from the vendor, or a signed quote or contract from the vendor which clearly specifies the payment terms and the goods or services being purchased must accompany the Disbursement Request Form
  • Checks are sent directly to the vendor unless special circumstances dictate alternate delivery. Please contact the USM Foundation if special circumstances apply.

Please see additional requirements below regarding when a written contract or independent contractor agreement are needed, as well as specific guidelines related to equipment and other fixed asset purchases.

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