PURCHASING PROCEDURES - University of Central Lancashire
PURCHASING PROCEDURES - University of Central Lancashire
PURCHASING PROCEDURES - University of Central Lancashire
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15: FINANCIAL HEALTH CHECKS<br />
The Purchasing Office has the responsibility <strong>of</strong> carrying our financial appraisals on new and<br />
existing suppliers.<br />
Financial appraisals will take the form <strong>of</strong> a credit report and / or can be extracted from the Suppliers<br />
audited accounts.<br />
Purchasing together with Financial Services will then provide interpretations and advise to the user<br />
department/requester.<br />
Although credit reports and audited accounts provide a good indication <strong>of</strong> Suppliers financial status<br />
or „health‟, care must always be taken as the information can be up to 12 months out <strong>of</strong> date.<br />
Due to the diversity and volume <strong>of</strong> <strong>University</strong> business it is not appropriate to carry out financial<br />
appraisals on all Suppliers – this will depend on the contract value but is mandatory for all new<br />
purchases / contracts that have been through the tender process.<br />
Purchasing Procedures December 2011
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