Procurement Bid Threshold Increase
UCF Procurement Services is please to announce that the bid threshold for university purchases has been increased form $75,000 to $150,000.
Important: It is best practice to seek competition for all purchases, regardless of dollar amount, because competition works!
The new competition thresholds are as follows:
- $25,000 or less: Quotes are not required. Competition is encouraged.
- $25,000.01 – $75,000.00: Two or more informal price quotes are required.
- $75,000.01 – $150,000.00: Three or more formal written price quotes are required.
- Greater than $150,000: A formal Invitation to Bid (ITB) or Invitation to Negotiate (ITN) is required unless the acquisition falls under a competition exemption, state contract, etc. Find templates on the Procurement Services Forms webpage under Solicitations.
- Requisitions in Workday will be processed in accordance with the new competition requirements if they have an approval by a kNEXT procurement specialist pending on or after September 8, 2023.
- Information about Workday workflow changes will be provided later. The change from $10,000 to $25,000 will require procurement compliance review.
- Please use the updated Waiver of Competition and Sole Source Certificate and Posting Notice forms for all new purchases. Requisitions already in Workday with the old forms will be honored and processed accordingly.
Please contact Procurement Services via email at email@example.com with any questions or concerns.
September 15, 2023