News

UNM Policy Office

MSC05 3357
1 University of New Mexico
Albuquerque, NM 87131

Physical Location:
Scholes Hall
114 A and B

Phone: (505) 277-6531

Board of Regents Approves Changes to Regents' Policies

April 16, 2014

On April 8, the Board of Regents approved changes to six Regents’ policies, primarily to reflect a new monetary threshold of $1,000,000 or more for when items should come before the Regents for approval.  Revisions were made to Regents’ Policy 7.4 (“Purchasing”), 7.8 (“Signature Authority for Contracts”), 7.9 (“Property Management”), 7.11 (“Selection of Architects for UNM Projects”), 7.12 (“Approval of Construction Projects”), and 7.13 (“Receipt and Investment of Gifts to the University”).  For more details about these changes, please see the table below.

Regents' Policy Item Old Threshold New Threshold
7.4 (“Purchasing”) Contracts for the purchase of goods or services[1] In excess of $500,000 $1,000,000 or more
7.8 (“Signature Authority for Contracts”) Financial settlements $200,000 or more $400,000 or more
7.9 (“Property Management”) Leases[2] In excess of $100,000 $1,000,000 or more
7.11 (“Selection of Architects for UNM Projects”) Selection of architects $500,000 or more [3]
7.12 (“Approval of Construction Projects”) Alterations, site improvement, or other major project In excess of $300,000 Same[4]
7.13 (“Receipt and Investment of Gifts to the University”) Gift of tangible personal property Valued over $5,000 Eliminated[5]



[1] Contracts between $250,000 and $500,000 no longer need to be submitted to the Finance and Facilities Committee for information.

[2] The disposition of surplus property will no longer be approved by the full Board of Regents, and instead will be approved by the Finance and Facilities Committee or the HSC Board of Directors, as appropriate.

[3] Architects will be approved as part of a package when construction projects go before the Board of Regents.

[4] Board of Regents’ approval needed for branch campus projects in excess of $50,000.  Also, Board of Regents’ approval needed for any revised, previously approved project, if the total project cost increases by 10% or $100,000, whichever is greater.

[5] Though gifts of tangible personal property still have to go before the full Board of Regents if the gift would require an annual expenditure of more than $50,000; and gifts requiring an annual expenditure of $25,000 to $50,000 have to go before the Finance and Facilities Committee for information.