Primary Contracts and Agreements Primary contracts are approved through the Board, regardless of limit. The Chairperson is responsible for the execution of the contract. 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 COO, the Program Director or the Program Manager, as noted in the approval structure below. Approval must also be obtained from USDA.

Authorization Limits

Approver

Up to $25,000 COO, Program Director or Program Manager
Up to $100,000 CEO
Greater than $100,000 Chairperson, Officer, or Designee
Any expense related to an approved Vendor Contract and Agreement, or at the direction of a board approved project, is approved by the CEO, the COO, the Program Director or Program Manager. 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 $5,000 Treasurer
Up to $20,000 Treasurer plus USB Officer
Greater than $20,000 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 budget, such as rent, utilities, goods, etc., must be approved for payment by the CEO, COO, Program Director or Program Manager. Routine expenses up to $2,500 may be approved by the Finance Director without additional approval necessary.
  3. Program expenses must be approved as deemed appropriate by USB.
Expense Reimbursements A completed expense voucher must be signed and mailed directly to the USB Director of Finance for initial compliance review. Itemized receipts must be attached to the voucher. Itemized expense reports must be approved for payment according to the following structure:

Authorization

Approver

Compliance review of all expenses.Submission of expense reports to Treasurer and other designated USB Officer (if required). Director of Finance
All Board Directors and Executive Office Personnel Expenses Treasurer
Treasurer’s Expenses Treasurer plus USB Officer
Contractor Expenses COO or Appropriate Program Manager
Note: Program expenses have to be provided to and approved by the appropriate Program Manager.
Bank Accounts Three USB bank accounts are established. Below is the list of accounts and approved check signers for each account:

Account Type

Approved Signers

Master Account Chairperson, Vice Chairperson, Treasurer, or Secretary
Check Clearing Account Chairperson, Vice Chairperson, Treasurer, Secretary, CEO or COO
Board Reserves Account Chairperson, Vice Chairperson, Treasurer, Secretary, CEO or COO
  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. A dual signature is required on all checks. One signature is required to be the board-designated financial contractor CFO or VP of Financial Management and Accounting Services (FMAS), the second signature as specified in the Delegation of Authority.
  4. All expenses require supporting information and documentation as specified in the policies in this document.