Functions of the Committies
- Develop and implement procurement strategies and policies
- Oversee the selection of suppliers and vendors through a process. Evaluate vendor proposals based on quality, price, delivery schedules, and other relevant criteria
- Approve purchase orders and contracts that exceed certain financial thresholds.
- Ensure that purchases comply with company policies and are within budgetary limits
- Lead negotiations with vendors for pricing, terms, delivery schedules, and other contract details
- Ensure that contracts are legally sound and protect the organization’s interests.
- Monitor and track spending against the approved procurement budget.
- Ensure that purchases do not exceed budgeted amounts and help control costs
- Oversee the maintenance of inventory levels, ensuring optimal stock levels are maintained to avoid shortages or excess inventory.
- Monitor the consumption rates of supplies and adjust purchasing plans accordingly.
- Ensure all procurement processes are compliant with legal, regulatory, and internal policy requirements. Maintain accurate documentation of all purchasing transactions for auditing and accountability purposes.
- Develop and approve the organization’s annual budget.
- Monitor financial performance against the budget, ensuring that expenditures are in line with forecasted income. Recommend adjustments to the budget as needed throughout the year.
- Review and approve financial statements, including balance sheets, income statements, and cash flow statements.
- Ensure that the organization’s financial reporting is accurate, timely, and in compliance with applicable accounting standards.
- Monitor cash flow to ensure the organization has adequate liquidity for operations and planned investments
