Divisions of Business and Finance
Visa Corporate Credit Cards
Accounting Services
Visa Corporate Card Policy
- Purpose
The purpose of this Policy is to establish guidelines for the proper use and
reconciliation of the College VISA credit cards.
- Scope
This policy applies to all holders of the College VISA credit cards and supervisors approving purchases on the VISA cards.
- Policy
The College provides VISA credit cards to qualifying individuals for convenience.
Responsibility for the credit card ultimately rests with the cardholder. All VISA
Cardholders should safeguard the College credit cards at all times - Please refer to
Exhibit B (PDF).
VISA credit cards of the College must be used exclusively for college related
business. Any personal expenses inadvertently charged to the College credit card
must be reimbursed by check to the Business Office - Attention Sue Armstrong, AP
Administrator within 5 days of receiving the statement.
The College credit card may be used for miscellaneous supplies, small equipment,
dues, memberships, conference registration, and various travel charges. Sales tax
is not paid by the College and the tax exempt number is printed on the VISA card.
The College does, however, pay tax on hotel rooms and meals. The card may not
be used for payments to honorariums, for 1099 services, gifts, donations, capital
purchases (greater than $1,000), personal items, cash withdrawals, tuition payments,
alcohol, drugs, or illegal activity. If the purchase is questionable, please contact Sue Armstrong, AP Administrator at the Business Office - ext. 7369.
Statements will be received monthly by cardholders. Original receipts must be
attached for every purchase. The receipt must contain a description of what was
purchased, a date of purchase, and the dollar amount that supports the VISA charge.
If a receipt is missing or was never obtained then an attempt must be made to get
the receipt from the vendor. If the receipt is not available, then the cardholder must
fill out a "Missing Receipt Affidavit" and attach with the other receipts. The required form is attached to the policy as Exhibit A (PDF). Cardholders will be responsible for
properly indicating the expense accounts to be charged for each VISA purchase.
All statements with the accompanying receipts including any missing receipt
affidavits must be approved by the cardholder to indicate that the charges are
accurate and for College-related business, The cardholder is also responsible for
writing the general ledger codings beside the individual VISA transactions, Once this
is complete, the VISA cardholders must forward their VISA statements to their
immediate supervisor(s) to approve their credit card statement(s) to ensure that all
receipts have been attached, Approvals will also indicate that the charges are
approved, the cardholder was authorized to make the purchase, and that the
purchase was in accordance with College policy. For department chairs, please have the statement signed by another member of the department. In the case where only one faculty member has charge of a given account, any charge over $500 will also be signed by the appropriate division coordinator. Obvious travel charges (for example: airfare, hotels, travel agents) to 2100 May Term accounts will not require second signatures. The Business Office will consult the faculty cardholder in any case where it finds that the type of charge or need for a second signature is not clear. Approved statements with the
accompanying receipts are due to the Business Office by the 20th of the month attention
Sue Armstrong, AP Administrator, Sue will review the general ledger
codings written by the individual cardholders based on their purchase(s) and will
prepare the VISA journal entry for the month. If the card is used for purchases in excess of $1,000, it will require the signature of the Dean of the College/Vice President of Academic Affairs.
Resolving disputes and billing errors should first be attempted with the vendor and
then notify VISA in writing if not satisfactorily resolved, The cardholder must ensure
that credit was subsequently issued for any disputed item or billing error. The
cardholder should never accept cash in lieu of a credit to a credit card account.
Misuse of the card will result in revocation of the card and possible disciplinary action
up to termination, Participation in this program is to be considered a privilege and it
is expected that these policies will be followed
- Responsibilities
The Vice President for Business and Finance is responsible for overall administration
of this policy. Employees who hold a College VISA card are responsible for
ensuring that their use of the credit card complies with established policies and
purchases are verified and reconciled monthly.