Options for Handling Purchases By Dollar Amount
- Determine what is needed
- If cost is under $5,000 you have 4 options:
- Purchase from existing contract (no purchasing involvement) releases can be made against an existing framework order and billed to your department.*
- Procurement Card (excluding sensitive minor equipment)
- Obtain invoice from vendor
- Petty Cash
- Options for purchases over $5,000 and up to $25,000:
- Purchase from existing contract (no purchasing involvement)
- Process through Purchasing using the IRIS requisition process
- Purchasing will solicit a minimum of 3 bids
- Processing time for bidding range from 1 to 4 days, but no longer than 14 days
- Bids can be obtained by Purchasing by telephone, facsimile, e-mail, or in writing
- Purchases over $25,000:
- Purchase from existing contract (no purchasing involvement)
- Process through Purchasing using the IRIS requisition process
- Purchasing will solicit a minimum of 15 bids (15 required by State Statute. Processing time for bidding within this dollar normally range from 2 to 3 weeks, but could take longer depending on the complexity of the bid.
If the requested item or service is on contract, but the price is substantially higher than that of an alternate supplier, contact Purchasing. Purchasing will contact the contract vendor and if the contract vendor cannot match or approximate the lower price then Purchasing will ask permission from the contractor to purchase the item from the vendor offering the lower price. If the cost of the item exceeds $5,000 a requisition must be initiated in IRIS and sent to Purchasing for competitive bidding.
Fiscal Policies FI0405, FI0410, and FI0415 provide complete purchasing policies and procedures. For additional information, visit the UT Purchasing Office.
Contact Information
Jane Taylor
Administrative Specialist
UT Knoxville Office of Research
1534 White Ave.
Knoxville, TN 37996-1529
Phone: (865) 974-0437
Fax: (865) 974-7400
Email: tayloje@utk.edu