Vendor Budget for Higher Education

I'm posing a question to other Public Sector/Higher Education PSFT customers to find out if you have a requirement to create budgets for each of your vendors and if so, how you've handled that in PSFT.  We currently have a requirement that all vendors are only allowed up to $25,000 per fiscal year and it needs to be tracked.  Secondly we would like to use Procurement Contracts for vendors where the Board approves vendors for over $25,000.  It would not make sense to create a $25,000 contract within Procurement Contracts for any vendor under the $25K but would for those