2023-74-City of Lakewood's Financial Internal Controls

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DocuSign Envelope ID: 367FCF1 C-76A5-40DB-805C-A6E1 CDEF2584 The City will withhold 10% of the invoices (estimates) submitted for construction projects, up to the first 50% of the total contract value, which is equivalent to 5% of the total contract. No retainage will be withheld after a project is 50% complete. Retainage is released once the project is complete and a division manager authorizes approval. The City will not withhold retainage on any professional services including architectural, design, engineering, and consulting, as per Codified Ordinance 111.04. Vendor Registration and Maintenance Active vendors for the City of Lakewood (City) are required to fill out a City of Lakewood Vendor Registration Packet to receive purchase orders for goods and services and ultimately payment. The packet includes • Vendor Registration form, • Code of ethics for vendor form, • An Ethics Affidavit, o The Ethics Affidavit requires vendors to make attestations that they avoid circumstances and conduct which could give the appearance of impropriety and/or be a conflict of interest when interacting with the City of Lakewood and its staff. • A non -collusion affidavit, • A federal W 9 form, which can be obtained online. Up to date vendor registration forms and current federal W 9 and Ethics Affidavit forms are maintained indefinitely by the Purchasing Manager in the Department of Finance. Separation of duty procedures are maintained such that regular periodic reviews of the vendor list are performed, and payments are sent out by finance personnel other than the Purchasing Manager.