This chapter covers policies for the procurement of IT goods and services in an emergency situation. All executive branch agencies and non-exempt institutions of higher education are subject to these policies and procedures when procuring IT goods and services, except those agencies and institutions explicitly exempted by the Code of Virginia. An emergency is a serious or urgent situation requiring immediate action to protect persons or property. An emergency can be a threat to public health, welfare or safety caused by floods, epidemics, riots, equipment failure, fire loss or such other reason. The existence of such conditions creates an immediate and serious need for supplies or services that cannot be met through normal procurement methods and schedules. Further, the lack of these supplies or services could seriously threaten government functioning, property preservation and/or the protection, health or safety of any person. Emergency procurements shall be limited to those supplies, services or items necessary to meet the emergency. The potential loss of funds by an agency at the end of a fiscal year is not an emergency.