8.9.3 Subcontractor Payment Bond The bidder to whom the contract is awarded shall be required to furnish a bond to guarantee the payment of third party sub-contractors involved in fulfillment of services rendered under the contract. Such bond shall be with sufficient surety and in the amount of at least one hundred percent (100%) of the amount of the contract. Failure on the part of the contractor to furnish such bond shall void the award. 8.9.4 Capital Equipment All purchases of equipment shall be considered a capital expenditure if an individual item of equipment component cost in excess of $4,000 and has an expected useful life in excess of one year. 8.10 Requisitions A purchasing transaction shall be initiated by means of a purchase requisition prepared in such form as is specified by the Purchasing Department. The requisition shall be approved by the head of the initiating unit of the College, certifying the proper authorization for the purchase and the availability of funds in the budget. SECTION 9: RESOURCE PLANNING AND ALLOCATION
9.1
Purpose The College will , as part of the ongoing planning process, conduct an annual resource planning and allocation process. This process will produce a fiscal plan for the upcoming year and forecasts for two subsequent years. This plan and these forecasts will be submitted for approval to the Board of Trustees annually.
9.2
Revenue Forecasting
9.2.1 Continuing Operations Revenue for continuing operations will be assumed to be at current levels. Adjustments will be made for discontinued revenues. Revenue from tuition, county appropriations and state reimbursements will be projected at effective rates. 9.2.2 New Initiatives Revenue from new initiatives will be estimated at the most conservative rate.
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