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Board adopts new procurement policy and approves six endowment actions
Summary
The board approved a consolidated procurement policy to strengthen controls and recommended six endowment requests (one at CCV, two new at VTSU, three VTSU endowment modifications) and moved scholarship/endowment items as consent; the procurement procedures remain under development while the policy was adopted.
The Vermont State Colleges Board of Trustees approved a consolidated procurement policy (policy 429) and accepted six endowment-related requests presented by the Finance & Facilities committee.
David Silverman, chair of Finance & Facilities, said the new procurement policy consolidates older policies to strengthen internal controls and better align purchasing with the Workday ERP implementation. The board approved the procurement policy by voice vote; trustees noted that specific procurement procedures remain under development by the IT group and may be incorporated later.
On endowments and scholarships, the board approved six items: three new endowments (one for CCV and two for VTSU) and three VTSU endowment modification requests. The committee recommended these for approval after discussion about aligning some endowments with the consolidated university structure while preserving original intent.
Why it matters: Trustees said the procurement policy is designed to provide stronger fiscal oversight and consistent purchasing practices across the system and to support integration with the Workday ERP. The endowment approvals and modifications were presented as compatible with the system’s evolving institutional structure.
Next steps: Management and IT will continue to develop procurement procedures tied to the policy; trustees asked for follow-up reporting on how public comments and procedural concerns raised earlier will be addressed.
