A Lawrence University Corporate Card provides a more cost effective and efficient method of paying for goods or travel expenses when conducting business for Lawrence University.
Acquiring a Corporate Card
Department managers may propose personnel to be cardholders by filling out a Corporate Card Request Form and submitting it to Ev Schneider, accounting supervisor and corporate card program administrator.
The proposed cardholder will be issued a copy of corporate card policy and will be required to sign an employee agreement.
The signed employee agreement indicates that the cardholder understands the corporate card procedure and responsibilities of being a cardholder.
The program administrator will maintain all records of corporate card requests, limits, cardholder transfers, and lost/stolen/destroyed card information.
To view corporate card training information, see the PaymentNet Corporate Card Training Document.
Each cardholder will receive a corporate card with his/her name embossed on it. The card is non-transferable. NO OTHER PERSON IS AUTHORIZED to use the card. The cardholder is responsible for all use of his/her card.
Use of the corporate card will be limited to the monthly purchasing limits assigned.
The corporate card will NOT BE USED for personal use or cash advances.
A cardholder who makes unauthorized purchases or carelessly uses the corporate card may be liable for the total dollar amount of such unauthorized purchases, plus any administrative fees charged by the bank in connection with the misuse. The cardholder may also be subject to disciplinary action.
Whenever making a corporate card purchase, the cardholder will check as many sources as reasonable to the situation to assure the best price and delivery without compromising quality or causing unnecessary inconvenience.
Cardholders should use the following checklist when using the corporate card:
Whenever a corporate card is used, either over the counter, by telephone, or through the Internet, documentation will be retained as proof of the purchase. Such documentation will be used to verify the purchases listed on the cardholder’s monthly statement of account.
All available documents dealing with the purchase should be retained. Depending on the method of purchase, different documentation will be available. They may include an invoice or customer copy of the charge receipt. Prior to signing any documentation relative to the sale, the cardholder should make sure that all information is correct and that sales tax is excluded. Some vendors may require a copy of our Certificate of Exemption.
Each card is linked to the cardholder’s organization number within the general ledger system. Each expense will be automatically linked to one of our object codes based on the merchant category code associated with the merchant where the money was spent. After the end of each billing cycle (the end of every month), the cardholder should go online to check and verify his/her credit card transactions and modify object codes if necessary. This should be completed by the 5th of each month. These transactions will then be downloaded to the general ledger and any changes to account numbers will not be able to be made after this time.
At the end of each billing cycle, the cardholder will receive his/her monthly statement of account from the credit card company. It will list all transactions for this period. The cardholder will check each transaction listed against his/her receipts to verify accuracy.
The receipts (packing slip, invoice, cash register tape, and credit card slips, etc.) for all items listed on the monthly statement must be attached to the statement. The receipts are used to ensure proper accounting and for IRS purposes. If the cardholder does not have documentation of a transaction listed on the monthly statement, he/she should attach an explanation that includes a description of the expense, date of transaction, vendor’s name, and reason for the lack of supporting documentation.
If expenses or credits are not listed on the monthly statement, the cardholder should retain the appropriate transaction documentation until the next monthly statement. If the expense or credit does not appear on the statement within 60 days after the date of purchase, the cardholder should notify the program administrator.
The cardholder will then sign and date the statement and submit it to his/her supervisor for approval.
THE CARDHOLDER’S SUPERVISOR MUST APPROVE AND DATE THE CARDHOLDER’S MONTHLY STATEMENT. The supervisor will also confirm the following items as a minimum:
The supervisor’s signature/approval of a cardholder’s monthly transactions indicate that the cardholder was authorized to make those purchases and those purchases were made in accordance with the applicable procedures. This is recommended by our auditors to ensure the university is following proper internal audit controls.
THE SUPERVISOR WILL THEN SUBMIT THE STATEMENT TO THE PROGRAM ADMINISTRATOR BY THE 10TH OF THE MONTH. RECEIPTS MUST BE ATTACHED TO THE STATEMENT. More than two (2) reminders to a cardholder that their monthly statement is delinquent may be grounds for withdrawing the corporate card from the user.
If items purchased by the cardholder are found to be unacceptable, the cardholder is responsible for obtaining replacement or correction of the item as soon as possible. If the vendor has not replaced or corrected the item by the date the cardholder receives his/her monthly statement, the cardholder must then begin the dispute process with the credit card company by completing a dispute form on-line.
It is the cardholder’s responsibility to safeguard the corporate card and account number to the same degree that a cardholder safeguards his/her personal credit information.
The cardholder must not allow anyone to use his/her account number. A violation of this trust will result in the cardholder having his/her card withdrawn and disciplinary action taken.
If the card is lost or stolen the cardholder shall immediately notify the credit card company by calling 1-800-270-7760. Representatives are available 24 hours a day. The program administrator is also to be unified immediately. A new card will be promptly issued to the cardholder after the reported loss or theft. A card that is found by the cardholder after being reported lost must be reported and sent to the program administrator.
Cardholder Separation
Prior to separation from the university or moving to another department within the university, the cardholder will surrender the corporate card to the program administrator. The supervisor will review, approve, and send the final corporate card statement to the program administrator.