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.
|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:
|Up to $10,000||Treasurer|
|Up to $50,000||Treasurer plus USB Officer|
|Greater than $50,000||Executive Committee|
Budgeted Administrative Expenses
- All routine expenses require supporting information such as a contract or invoice for payment.
- 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.
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:
|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|
All USB payments are processed through the operating bank account. Below is the list of approved check signers:
|Operating Account||Chairperson, Vice Chairperson, Treasurer, Secretary, CEO, CFO, Senior Vice President of Governance and Compliance|
|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|
- 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.
- 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.
- All expenses require supporting information and documentation as specified in the policies in this document.