Primary Contracts and Agreements

Contracts with primary contractors for program work are approved through the Board, regardless of limit. Contracts with primary contractors for the implementation of the program work are negotiated by the CEO, approved by the EC and signed by the Chairperson.

Vendor Contracts and Agreements

All contracts or other agreements entered into on behalf of USB must be reviewed and approved by the United Soybean Board of Directors, the CEO, the CFO, a Senior Vice President, a Vice President, a Senior Director, a Director, a Special Assistant or a Manager, as noted in the approval structure below. Approval must also be obtained from USDA, if applicable.

 

Authorization Limits Approver
 Up to $10,000  Manager
 Up to $25,000  Director or Special Assistant
 Up to $100,000  Vice President or Senior Director
 Up to $150,000  Senior Vice President or CFO
 Up to $500,000  CEO
 Greater than $500,000  CEO with the approval of the Chairperson or Officer of the Board
 
 

Unscheduled Administrative Expenses

Authorization for expenditures from the unallocated line item within the administrative budget between USB meetings shall be authorized as follows:

 

Authorization Limits

Approver

 Up to $10,000   Treasurer
 Up to $50,000   Treasurer plus USB Officer
 Greater than $50,000   Executive Committee

 

Budgeted Administrative Expenses

  1. All routine expenses require supporting information such as a contract or invoice for payment.
  2. Routine expenses within the administrative or program budgets, such as rent, utilities, office supplies, etc., must be approved for payment by either the CEO, the CFO, a Senior Vice President, a Vice President, a Senior Director, a Director, a Special Assistant or a Manager, within the approval limits outlined in this policy. Routine expenses up to $2,500 may be approved by the Finance Director without additional approval necessary.

Expense Reimbursements

A completed expense voucher must be signed by the recipient and sent to the USB office for initial compliance review. Itemized receipts must be attached to the voucher for expenses greater than $25. Itemized expense reports must be approved for payment according to the following structure:

 

Recipient

Approver

 USB employees  Employee's manager with subsequent review by USB Treasurer
 USB CEO  USB Treasurer
 Board Directors  USB Treasurer
 Treasurer’s Expenses  USB Treasurer plus USB Officer
 Contractor, QSSB staff, industry representatives and others that are not employees or directors  Appropriate USB employee managing the related program with subsequent approval by USB Treasurer

 

 

Bank Accounts

All USB payments are processed through the operating bank account. Below is the list of approved check signers:

 

Account Type

Approved Signers

 Operating Account  Chairperson, Vice Chairperson, Treasurer, Secretary, CEO, CFO, Senior Vice President of Governance and Compliance

 

Payment Type Approver
 Checks up to $25,000  Signature by a Designated Approved Signer
 Checks greater than $25,000  Signature of one USB Officer and one additional designated approved signer
 Electronic Payments  Two USB officers

 

  1. Payments (e.g., checks) must be signed/approved according to the authority limits in the Delegation of Authority. In addition, bank signature requirements should be updated at least annually to reflect the appropriate check signers.
  2. Wire or other electronic payments must be approved in a manner consistent with authority limits in the Delegation of Authority. Access to systems to enter and approve such payments should be consistent with such authorization levels, and these should be updated at least annually.
  3. All expenses require supporting information and documentation as specified in the policies in this document.