Revised July 2018
Introduction
Valley FM Broadcasters Association Inc. holds a range of assets that have been purchased over time to perform the business of the association. The Valley FM Constitution requires the Board to control and manage the affairs of the Association. This requires Valley FM to follow a specific process for procurement for any item that has a monetary value greater than $400.
Purpose
This Valley FM procurement policy describes how purchasing of items with a value of more than $400.00 will be managed and monitored to ensure due diligence in regard to items purchased with Association’s funds. The policy aims to ensure that Valley FM receives the best value for the goods and services required for its operation and that these goods and services are purchased through open, fair, transparent, consistent, cost effective and cost efficient procurement procedures.
Policy
Acquiring Assets
All assets must be purchased according to the Board’s financial management and control policies and protocols.
Upon acquisition, the asset must be recorded in the Valley FM asset register and coded according to the specifications above.
The person who has authorised the purchase of the asset must:
- Advise the Treasurer that the item is to be added to the register, and
- Ensure that the revised register is saved ONLY to the VFM office computer.
Compliance
The Board is responsible for the development, implementation, operation and review of this policy. Compliance with the policy is also the responsibility of each Board Member and the Station Manager.
Legislative Framework
Not applicable