The Council shall have oversight responsibility of the University's Procurement and Contracting Advisory Initiative. Its responsibilities shall include, but are not be limited to:

1. establishing the University's overall philosophy in regard to University Business Practices
2. monitoring the effectiveness of the Advisory Initiative and, in particular, its effectiveness in supporting the University's strategic initiatives and goals
3. approving all associated policies, procedures, and technological initiatives in regard to purchasing and payments of goods and services.

Each member of this Committee shall be responsible to conduct ongoing assessments of the initiatives brought forward. The Committee shall present an annual report to the Council which should include:

1. status of previously reported initiatives
2. newly identified procurement initiatives to be considered for future implementation