The Administration shall obtain price comparisons for purchases in excess of € 2,500. The Administration shall obtain written competitive bids for purchases in excess of € 7,500.

All expenditures must either conform to budget, or be properly authorized as outlined below. Any two of the following persons are authorized to co-sign for bank transfers: the Head of School, the Accountant, the Director of Finance and Operations, the Board Chair, Vice Chair, Treasurer and Board Secretary. The Director of Finance and Operations shall notify the Board Treasurer on a monthly basis of any individual expenditure in excess of € 50,000, other than payroll and social security expenditures.

Once the Operating and Capital Budgets have been approved by the Board of Trustees, the Head of School is authorized to commit and spend the funds necessary for the execution of the educational, co-curricular and capital programs, up to the budgeted amounts and within the budget year.

Expenditures on items not included in the budget, or that are above the budgeted amounts, may be permitted, subject to the following conditions and limits before the expenditure is committed or spent: any non-budgeted spending that exceeds the Head of School-administered Contingency Account must be approved by the Board of Trustees, and all non-budgeted expenditures will be advised regularly to the chair of the Finance Committee and incorporated into the regular reports to the Finance Committee.

Extra faculty positions may be approved by the Head of School if warranted by higher enrollment within a division or grade, or by a shift in enrollment distribution that necessitates extra specialist faculty within the Board-approved student-teacher (FTE) ratio.