Page 186 - 2024 Orientation Manual

Competitive Bids
For purchases in excess of $10,000, a minimum of two competitive bids should be
sought.

Approval
The LSBA’s budget shall include and specifically identify capital purchases that are
anticipated to take place during the year. Those purchases itemized within the approved
budget are considered approved.

The LSBA’s annual budget also includes discretionary funds for capital purchases of
not more than $25,000, that can be accessed by the executive director without prior
approval, provided resources are available, and with the stipulation that the board be
informed of any use of the funds at the next regular meeting.

Capital purchases not within the approved budget, or beyond the scope of the
discretionary fund, must be specifically approved by the Budget Committee and the
Board of Governors. To seek such approval the executive director must provide the
price and rationale for the purchase and assurance of availability of financial resources
to support the purchase.

Recordkeeping
The LSBA shall maintain a list of fixed assets showing the date of the acquisition, its
cost, and a schedule for depreciation of the asset. The LSBA shall keep on file
documentation for each purchase.

Annual depreciation expense will be included in the annual operating budget as a non-
cash item.

For each purchase, the Executive Director, in consultation with the Director of Finance
and Membership, shall evaluate whether the acquisition will have an impact on
insurance coverage, determine if present coverage valuations are adequate, and obtain
additional coverage if necessary.

Added October 18, 2014

F. Cash Not Accepted
It is the policy of the LSBA that no cash shall be accepted for any transaction. Payment
may be made by personal check, cashier’s check, money order, ACH transaction or
credit card. NO CASH will be accepted for any dues, disciplinary assessment, penalty,
continuing legal education seminar registration fee, publication, mandatory CLE fee or
penalty, specialization fee or penalty, event tickets, or other charge.

Added November 2, 2019

G. Check Endorsement/Stamp
It is the policy of the LSBA to endorse checks with a stamp(s) as follows:

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