Table of Contents
- Procurement Services
- Declining Balance Order (DBO) Parameters
- Important Update: Transition to "Exceptions to Competition"
- New Streamlined RealSource e-Catalog Ordering Now Up to $50K
- Grants & Contracts
- G&C Training Opportunities
Procurement Services
Declining Balance Order (DBO) Parameters
Accessing New DBO Parameters:
View the New DBO Parameters here.
Overview of DBOs:
A Declining Balance Order (DBO) is a specialized purchase order used mainly for blanket purchase agreements. It tracks transactions by cost instead of quantity, making it suitable for managing ongoing services with variable quantities and costs.
Significance of Updated Parameters:
Adhering to DBO parameters enhances year-end reconciliation, improves invoicing efficiency, maintains data integrity, and ensures compliance with eVA and management agreements, thereby streamlining accounting and preventing data and compliance issues.
Compliance:
Your proactive adherence to these parameters is highly valued and instrumental in the successful implementation of the updated DBO guidelines, contributing significantly to our collective success. If you need help or have questions, Procurement Services will be happy to assist you.
Questions:
If you have general questions, please contact purchasing@vcu.edu or submit a ticket at https://itsupport.vcu.edu/
Important Update: Transition to "Exceptions to Competition"
Update on Demand Payments: We are transitioning from "Demand Payments" to "Exceptions to Competition" to enhance clarity and compliance. This update reflects best practices and aligns with peer institutions.
What are Demand Payments: Essentially, these are specific types of transactions identified by our procurement guidelines that do not require additional competition.
Your Feedback in Action: We've updated the Exceptions to Competition, incorporating suggestions from several fiscal administrators and input from within the VCU community.
Access the Exceptions to Competition: The revised "Exceptions to Competition" list is now available https://procurement.vcu.edu/media/procurement/docs/excel/Exceptions_to_Competition.xlsx. Please review to understand the changes and how they may affect your procurement activities.
Questions: If you have general questions, please contact purchasing@vcu.edu or submit a ticket at https://itsupport.vcu.edu/
New Streamlined RealSource e-Catalog Ordering Now Up to $50K
We are thrilled to announce an enhancement to our RealSource e-catalog ordering system, a change that will streamline e-catalog orders. As part of our ongoing commitment to efficiency, all e-catalog orders up to $50,000 will now automatically process through the system after all departmental-level approvals have been completed.
What Are e-Catalogs and What Are the Benefits?
e-Catalogs are an electronic ordering system that streamlines procurement by offering a modern, digital shopping experience. They ensure accurate data, facilitate electronic invoicing via cXML, and simplify the overall purchasing process. All e-catalogs are tied to competitively awarded contracts.
New Automated Approval Process:
Previously, e-catalog orders over 10k required manual approval through Procurement Services. With the new change, e-catalog orders under $50,000 will automatically flow through RealSource once departmental-level approvals are compelled, reducing cycle times and manual processing.
Your Role:
Start leveraging the enhanced e-Catalog system today for quicker, more efficient orders
Questions or Support:
For any questions or if you require support transitioning to or using the e-catalog system, please contact purchasing@vcu.edu, realsource@vcu.edu, or submit a ticket at https://itsupport.vcu.edu/
G&C Training Opportunities
We are pleased to announce that the Grants & Contracts Accounting is offering a new training opportunity in 2024, titled Post-Award Compliance!
Course Description: This post-award compliance training is designed for individuals who would like to gain a better understanding of the compliance guidelines that govern post-award financial management. Topics that will be covered include: Cost Transfers, Award Closeouts, Compliance Reviews (Salary Cap, Overcommitted Faculty, and more), and contemporary research administration issues. We hope you take the time to sign up, have your questions answered, and learn more about post-award financial management at VCU! Register Now!
Dates: February 7, May 3, August 21, October 10, December 5
Instructors: Shanea Raj, Effort Reporting Team Manager, and Madrenna Horn, Post Award Compliance Analyst
Additionally, our Post Award Basics course sessions will begin in February Letting you know that our 2024 Post Award Basics course sessions will begin again on February 15th!
Course Description: This session is designed for employees with less than one year experience working with sponsored programs or as a refresher for those with more experience. The session begins with how to set up a grant which is followed by an overview of Grants & Contracts policies and procedures as well as federal regulations related to post award management. The session concludes with a demonstration of commonly used Banner forms in post award management. Register Now!
Dates: February 15, April 18, September 12, November 7
Instructors: Cathy Short, Training Manager, G&C Team Leaders, & Accountants
Lastly, our G&C office hours sessions will begin again soon as well - January 24th - and the complete schedule and zoom join link for upcoming months is available at University Controller's Office, G&C training. Feel free to drop in if even for a quick question or two.