Procurement

Introduction

The Procurement Branch is part of the Administrative Services Division of Navy Federal Credit Union. Navy Federal is a federally chartered credit union and is not part of the United States government and is not subject to the requirements of the Federal Acquisition Regulations. We are committed to obtaining the best value available. Annually, we are responsible for investing approximately $110 million in products and services used in supporting our worldwide operations. Being a non-manufacturing business, virtually all of the products and services we procure are for internal consumption. We are major consumers of paper products, electronic processing equipment, financial software, office supplies and security services. Our mission and objective are stated below.

The procurement Branch is dedicated to investing funds in the most efficient and ethical manner to add value to the services provided to our member owners.

General Information

Our buying staff consists of the purchasing manager and ten purchasing agents and supervisors with each being responsible for a broad set of commodities. We follow a "best practices" policy of requiring three bids for procurements in excess of $10,000 and require strict adherence to agency law, quality standards, delivery times and completion dates. We utilize an automated procurement system to enable staff member to check the status of any order from their workstation. Payments are disbursed by the General Accounting Branch of the Credit Union and their address appears on every purchase order issued. Our standard terms and conditions are stated below. We make an effort to work closely with our vendors and contractors to ensure that the needs of our end-users are met to their complete satisfaction. However, we remain flexible and open to negotiation with regard to the final terms and conditions governing any particular transaction.