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06.0 Credit Card Use (3)

Credit Card Use

Credit Card Policies and Procedures

 

The credit card offers an alternative to the existing College procurement/payment processes and provides an efficient and effective method to purchase and pay for consumable commodities of low dollar value.

 

In order to obtain a credit card the “Request for Credit Card Form” is to be filled out, signed by the Vice President of that department, and sent to the Purchasing Department for further approval.

 

 The maximum limit of the credit card is $5,000.00, if an increase to the credit limit is necessary the “Request for Credit Limit Increase Form” with written justification is required, signed by the Vice President of that department, and then sent to the Purchasing Department for further approval.

 

The credit card is designed to be used for purchases of consumable supplies related to College business only. Use of the card for personal use is strictly prohibited. The Purchasing Department and Accounts Payable are responsible for monitoring the effectiveness and use of the credit card.  If you have any questions regarding the card or the appropriate use of the credit card, please contact a representative of the Business Office.

 

The credit card simplifies the process for the purchase and payment of goods. Purchasing authority is delegated to the authorized Cardholder, thus enabling the Cardholder to order or pay for materials directly from the supplier. When the goods are received, the Cardholder saves the packing list or whatever documentation is available from the vendor to show the proof of purchase. Once a month, the Cardholder will receive an invoice from the bank that lists all the Cardholder's purchase transactions. The Cardholder will reconcile the documentation and submit to the Accounts Payable Department a Check Request Form authorizing payment.  No payment will be made without the proper receipt and paperwork.

 

The Credit card should not be used for the following: Cash Advances, Alcohol, Construction and Renovations Hazardous Materials, Lease or Lease to Purchase, Personal Items, Radioactive Materials, Hazardous Materials or Disposal Reimbursements.

 

The credit card does not signal a change in policy regarding compliance with the College contract suppliers. If the desired item is available on an established State, MHEC, or College contract, it must be purchased from the contract vendor. 

 

It is the Cardholder’s responsibility to safeguard the credit card and account number to the same degree that a Cardholder safeguards his/her personal credit card. The Cardholder must not allow any unauthorized individuals to use the Credit card or the card number. A violation of this trust may result in the Cardholder having his/her card withdrawn and/or disciplinary action for the Cardholder and/or the unauthorized individual.

 

 

If the Credit card is lost or stolen, the Cardholder must immediately notify the Bank by calling 1- 800-673-1044. Representatives are available 24 hours a day. The College Purchasing Department (508-929-8462) must be notified as well. A new Credit card will be promptly issued to the Cardholder after the reported loss or theft. A Credit card that is found by the Cardholder after being reported lost must be cut in half and sent to the Purchasing Department. 

 

Should a Cardholder terminate employment with the College the Human Resource Department is to notify the Purchasing Department of the termination, and return the Credit card to the Purchasing Department. The Credit card must be cut in two before it is sent to the Purchasing department.

 

Should a Cardholder terminate employment with the College or transfer between departments,the user Department has the specific obligation to reclaim the Credit card, notify the Purchasing Department of the termination, and return the Credit card to the Purchasing Department. The Credit card must be cut in two before it is sent to the Purchasing department. The cardholder may request a written receipt for the return of the card, which may be in the form of a memorandum from the individual accepting the return of the card.

 

To ensure the conformity of this program and to meet audit requirements of the College and various government agencies, periodic post audits will be made of the Cardholder’s Credit card account to determine that items purchased have been received, that proper records are being maintained, and that policies and procedures are being followed.

 

 

 

__________________________________________________________


Worcester State College

Request for Credit Card Form

 

 

Name of individual as it

should appear on card:                               ______________________________

 

SS# of individual on card:                          ______________________________

 

Department:                                                  ______________________________

 

Credit Limit:                                                   ______________________________

(Not to exceed $5,000.00)

 

VP Approval:                                                 ______________________________

(Signature Required)

 

CFO Approval:                                              ______________________________

(Signature Required)

 

Reason for Credit Card: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________


Worcester State College

Request for Credit Limit Increase Form

 

 

Name of Individual on Card:                     __________________________

 

Current Credit Limit:                                                __________________________

 

Requested Credit Limit:                              __________________________

 

Reason for Credit Card Limit Increase:

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

 

VP Approval:                                                 ______________________________

(Signature Required)

 

CFO Approval:                                              ______________________________

(Signature Required)

 

Last modified at 10/5/2009 12:33 PM  by Chhoeuk, Sopheap