Policy Table of Contents
Purpose
The purpose of the credit card program is to provide a cost-effective and convenient method of payment for travel and entertainment purposes. This card is not to be used for procurement of services or goods without prior approval by the VP of Finance/CFO.
Procedures for Obtaining a Credit Card
The VP of Finance/CFO must approve all credit cards issued. Once approved, the Business Services Department will obtain the necessary information from the future cardholder, complete the enrollment application and forward to the credit card company for processing.
All cardholders must sign and accept the terms and conditions of the College for Creative Studies Credit Card Agreement/Receipt prior to taking possession of the card.
Acceptable Use
Credit cards may be used for travel and entertainment purposes in accordance with the college’s travel and entertainment policy. Credit cards may only be used to purchase eligible merchandise or services required with the duties and responsibilities of the cardholder after approval from the VP of Finance/CFO. Credit cards may only be used by the person whose name/department appears on the card.
Credit cards are not to be used for procurement of services or goods as this does not follow the Purchase Requisition procedures of the College. Credit cards are also not to be used to purchase items or services for personal use or for non-college purposes, even if the cardholder intends to reimburse the college. All credit card statements will be audited each month for non-acceptable purchases. Credit cards or credit card numbers are not to be given out for use by another individual.
A cardholder who makes an unauthorized purchase with the card or uses the card in an inappropriate manner may be subject to disciplinary action, up to and including termination, as well as revocation of the credit card, criminal prosecution, and restitution of the unauthorized use. The cardholder will also be held responsible for any unauthorized purchases with the cards that are completed by another person that the cardholder gave access to.
Prohibited Use
Unauthorized and/or inappropriate card use includes, but is not limited to:
- Items for personal use
- Items for non-college purposes
- Weapons of any kind or explosives
- Drugs or pharmaceutical products
- Gambling
- Real Estate
In addition, please refer to the college’s travel and entertainment policy as it pertains to “expenses not authorized”.
Credit Card Process
Each month, a statement of all transactions will be sent to each cardholder by either Business Services or the credit card company. Upon receipt of the statement, the cardholder must review for accuracy and ensure all transactions posted are legitimate transactions made by the cardholder. Obtain and retain original itemized receipts for goods and services purchased.
In a timely manner, the cardholder must complete credit card expense report, attach the original receipts which correspond to the statement, obtain a supervisor’s signature/approval, and submit everything to Business Services within ten (10) business days. A time period of ten days is considered a timely review and submission.
**Failure to complete and submit the necessary report, in a timely manner, will result in a suspension of card privileges until which time Business Services receives the appropriate paperwork.
Continued and ongoing delays may result in further action as deemed appropriate by the College’s Executive Team.
Discrepancies
The cardholder must report to Business Services any discrepancies with any of the charges listed on the statement. The cardholder will settle any billing discrepancies with the vendor and instruct the vendor to issue a credit through the credit card.
In a situation where the dispute cannot be settled with the vendor the cardholder, with the assistance of Business Services, will complete the necessary paperwork required and forward to the credit card company for resolution.
The cardholder must safeguard the card and card account number at all times. The cardholder must immediately notify the credit card company and Business Services if the card is lost, stolen, or in the hands of an unauthorized person. Pertinent information regarding the lost or stolen card or improper use must be provided. The cardholder will make a reasonable attempt to recover the card. The card will be canceled as soon as possible; however, the applicable budget center will be responsible for any unauthorized purchases made up to the limit of liability.
Responsibility and Accountability
The cardholder is responsible for the security of his/her card and any purchases made on the card. All credit card records are subject to being audited. The cardholder is responsible for taking any steps necessary to ensure that the card is used only for authorized purposes. The individual must surrender the card and corresponding support documentation to Business Services prior to separation from the college or as otherwise requested.