Editor’s Note: Comments on the proposed changes in Regents’ Bylaw 3.07 should be made by April 2 to the Office of the General Counsel, Room 4020 Fleming Administration Building 1340, 764-0304.
Proposed Revision of Regents’ Bylaws Section 3.07
(Proposed additions highlighted and deletions struck out )
Sec. 3.07 Approval and Execution of University Documents
1. All transactions involving the purchase, sale, or other disposition of real property shall be first approved and authorized by the Board. Unless otherwise specifically provided by the Board, all land contracts and deeds conveying University property shall be executed by the president and the vice president and chief financial officer.
a. All sales of donated real estate located outside the Ann Arbor, Dearborn, or Flint campus areas and with a sales price less than $30,000; real estate that funds a Unitrust for any amount or location; and bequeathed or devised real property requiring action by an estate executor, personal representative or a trustee may be approved and authorized by the vice president and chief financial officer and the resulting land contracts and deeds executed by both the vice president and chief financial officer and president. These transactions will be reported to the Regents in the monthly Investment Transaction report.
b. All sales authorized by the vice president and chief financial officer must equal or exceed the appraised value.
2. Transactions involving personal property shall be approved and executed as follows:
a. The investment or reinvestment of gift, trust, agency, and deposit funds, the purchase and sale of personal property acquired in connection with the investment or reinvestment of such funds, and the approval of real estate mortgages may be made by any two of the following officers: the president, the vice president and chief financial officer, the associate vice president for finance, the controller, and the treasurer and investment officer. Any two of the said officers are hereby authorized and empowered to execute and deliver the documents necessary to complete the sale of any stocks, bonds, evidences of indebtedness or other securities, including rights and options to acquire or sell the same owned or held by The Regents of the University of Michigan. The transfer of any such securities by the officers herein authorized shall be sufficient to convey ownership to the transferee. All such transactions shall be reported to the Board.
b. All contracts for sponsored research and supplements thereto, including agreements for fellowships, scholarships, and grants-in-aid, and all contracts covering payment for tuition and supplies may be executed by the vice president and chief financial officer; and the vice president’s signature shall be certified by the secretary where such certification is requested; provided, however, the vice president and chief financial officer is authorized to delegate in writing to designated representatives authority to execute contracts and/or applications for grants or contracts where the amount involved is less than $250,000 and/or training grants or fellowship programs which do not exceed a rate of $250,000 per year and where the commitments anticipated fall within the normal activities of the University.
c. All discharges of mortgages and cancellations of land contracts may be executed by any two of the following officers: the president, the vice president and chief financial officer, the secretary, the associate vice president for finance, the controller, and the treasurer and investment officer.
d. All routine contracts for the purchase, sale or loan of supplies or equipment within authorized budgets may be executed by the vice president and chief financial officer, provided, however, that the vice president and chief financial officer is authorized to delegate in writing to the secretary, the associate vice president for finance, the associate vice president for business operations, [or] the purchasing agent, or other designated representatives authority to execute such contracts.
3. In case the president is absent or for any reason is unable to execute documents requiring the president’s signature, then they shall be executed on the president’s behalf by the vice president and chief financial officer. In the event the vice president and chief financial officer acts on behalf of the president or in the event of the absence or inability to act of the vice president and chief financial officer, then the associate vice president for finance, the controller, or the secretary may execute such documents.
4. All other documents involving real or personal property transactions and vendor service contracts shall be executed by the vice president and chief financial officer; provided, however, that the vice president and chief financial officer may delegate in writing to the secretary, the associate vice president for finance, or other designated representatives authority to execute such documents.
