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Procurement Services for Fiscal Year 2022/2023

Policies & Procedures

This document is a guide to the policies and procedures of Loyola University for the purchase of goods and services. The Fiscal Year 2022/2023 document explains the updated policies and procedures and is published to ensure the University community's understanding of the purchasing process. It will guide the user to the correct procedures and assist in expediting departmental purchasing.

The Post-Issuance Tax-exempt Bond Compliance policy sets forth the University’s methodology for ensuring continued post-issuance compliance with Internal Revenue Service (IRS) requirements pertaining to tax-exempt bonds (TEBs). This policy only applies to Loyola University facilities that are tax-exempt financed.

Record Retention Policy

Effective Date:   March 2, 2009
Revisions:   None
Responsible Officer:   Each department is responsible for their record retention and destruction.

The Investment Policy Statements state the objectives and policies that guide the investment decisions and asset allocation of the Restricted and Unrestricted Endowment Fund of Loyola University New Orleans.

Download the Endowment Investment Statement (.pdf)

Grants and agency accounting manage the financial component of the university's externally funded research, public service, and other separately budgeted projects.

• Loyola University Grants and Agency Funds Policies and Procedures Manual (.pdf)
• Loyola University Office of Grants and Sponsored Projects

There are occasions when departments are required to transfer funds from one department to another. Some transfers are for expenses that one department incurs but are the responsibility of another department. These transfers are requests for reclassification of receipts or disbursements. Transfers of this type are indicated by a transaction code of 060 on FRS screen 023. The effect of reclassification of receipts or disbursements on account balances is to increase account balances with a credit entry and decrease account balances with a debit entry.

A budget manager, as defined by Loyola University New Orleans, is anyone named as the responsible individual for an active account. Budget managers may have budget responsibility for more than one active account. The following sections outline some of the responsibilities and financial duties of a budget manager named on a department, agency, center, grant, or any other unit account that has a budget.

Budget Process & Oversight