New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXIII - United Nations Development Corporation
Part 2054 - Guidelines For Use Of Procurement Contracts
Section 2054.5 - Board approval for procurement contracts

All procurement contracts involving services to be rendered over more than 12 months shall be approved in advance by the board of directors, and performance under such contracts shall be reviewed annually by the board of directors. In addition, any procurement contract shall be approved by the board of directors if it is likely to result in total payments to the outside contractor in excess of $50,000 per year and is not in the ordinary course of the corporation's business of maintaining, managing and operating the properties of the corporation.