Expenditure Initiation, LU Code Request and Approval

Budget Review: Prior to commencement of any procurement activity (purchase of goods and non-consulting services) – the budget holder must ensure that the budget contains adequate funds for the purchase & the purchase must be approved in accordance with the Policy on Procurement and the Signing Authorization Policy. 

Purchases must be supported by a purchase requisition BEFORE placing an order or acquiring the goods or services and must be approved by the Budget Holder, subject to budget availability. Invoices will not be PAID unless a purchase requisition is entered, approvals are received (budget holder and/or Finance) and a purchase order is sent to vendor before the commitment (order placement) is made.

Laurentian continues the implemented weekly review and approval of expenditures over $5000 (including taxes) by the Vice President Finance and Administration known as the LU Code. 

Please note that the LU Code is not a budget authorization or approval by Finance. 

The LU Code is ongoing fiscal oversight required by the Plan of Compromise and Arrangement (PCA) and Exit Loan Agreement from the province.

Expenditure requests over $5,000 must be sent to the expenditures-LU@laurentian.ca email account and will be reviewed weekly by the Vice President Finance and Administration. When submitting an expense for review/approval, please submit the quote or invoice (if available) along with the expense request template spreadsheet. Post CCAA Expense Submission Template