Which entity is responsible for approving the funds for a Purchase Requisition?

The financial management office is responsible for approving the funds for a Purchase Requisition because it plays a crucial role in overseeing budget allocation and ensuring that sufficient financial resources are available for purchasing activities. This office analyzes the request against the organization’s budget, ensuring that the purchase aligns with financial policies and that funds are properly designated for such expenditures. By performing this oversight, the financial management office helps to maintain fiscal responsibility within the organization and ensures that all purchases are justified and accountable according to established procedures.

In contrast, the Purchase Requisition Processor primarily handles the processing of the requisition itself rather than approving funds. The requesting department may initiate the requisition, but it is the financial management office that has the authority to authorize spending. The selected vendor, on the other hand, is not involved in the approval of funds; their role comes into play only after a Purchase Requisition is approved and a contract is established. Thus, the financial management office's role is critical in the approval process of Purchase Requisitions, ensuring proper financial governance.