Purchasing Thresholds

• The standard purchasing method for all goods is the FINBUY System. Purchasers should always use Preferred Suppliers if available.
• Purchases under $10,000 require only one written quote. 
• While competitive bidding is not required for purchases under $10,000, it is required that purchasers compare and/or evaluate potential suppliers in order to obtain the lowest total cost.

If there is no Fordham Preferred Supplier for a product or service needed or if a Preferred Supplier does not meet the needs of a department or school, quotes may be required. 

• 3 Quotes are required for all purchases greater than $10,000 
• For larger, more complex purchases, please consider contacting Strategic Sourcing for assistance with soliciting Bids and Request for Proposals.  

Competitive bidding is required to be completed by the department whenever a planned purchase of goods or services is $10,000 or greater. Competitive bids and price quotations can be obtained through a Request for Quotation (RFQ) or Request for Proposal (RFP). It is important to note that competitive bidding is not required when using University-wide Contracted Suppliers, unless the order is funded by a Federal Grant.

Please note that because a supplier is active in the FINBUY, it does not indicate that they are a University-wide Contracted Supplier. Visit the Fordham Preferred Suppliers list for a directory of University-wide Contracted Suppliers, and if a supplier is not on this list, University policy requires competitive bidding, or, as an exception, submission of a Sole Source Justification . 

Competitive bidding ensures fairness to all bidders and that your pricing will be competitive within the marketplace. If a supplier is in a competitive situation, it is more likely to offer its most aggressive pricing and other terms, resulting in a significant total value to the University. Bidding also ensures that you are complying with University policy and other applicable federal and state regulations for grants and contracts. While competitive bidding is not required for purchases under $10,000, it is required that purchasers compare and/or evaluate potential suppliers in order to obtain the highest total value.