POLICY STATEMENT
The University utilizes a declining balance card as a preferred method of expense reimbursement in connection with a number of business activities. The card is issued to faculty for official travel, professional development, and related expenses incurred with
Faculty Development Funds. Faculty members also use the card for certain entertainment and mentoring activities. Departments may use the card, as well, to support other employee travel and entertainment expenses. In addition, the card is used by the Athletics Department to provide student athletes with their daily meal allotments allowable under National Collegiate Athletic Association (NCAA) regulations.
REASON FOR POLICY
This Policy establishes the standards for the use and administration of the University’s declining balance card, including the reconciliation of cardholder transactions in the Concur Reporting System.
WHO SHOULD READ THIS POLICY
Any employee or student who is provided with a declining balance card for use in conducting University business; the President, Vice Presidents, Vice Provosts, and Deans, as well as supervisors and Business Managers who supervise an employee or are responsible for a student with a declining balance card.
POLICY TEXT
The University’s declining balance card is a Visa-brand credit card issued by J.P. Morgan Chase. The card is loaded with a pre-determined dollar amount to spend funded by the cardholder’s department. The card allows authorized University faculty, staff, and students to make business-related purchases on behalf of the University while eliminating the need to use the Payment Request process. The card is issued to University employees and students who are approved by their department Business Manager.
Transactions charged to a declining balance card must have a business purpose, must be documented, and must be approved by a Business Manager in compliance with this Policy and related University policies. See Reconciliation Procedures.
PROCEDURES
RELATED INFORMATION
DEFINITIONS
Term
|
Definition
|
| Business Manager |
A University employee, designated by the President, Vice President, Vice Provost, or Dean who is the budget manager for the University account(s) being used by a cardholder. This may include the President, Vice Presidents, Vice Provosts, or Deans. |
| Business Purpose |
Travel, entertainment, and other business expenses that are in furtherance of the educational and research mission of the University. |
| Cardholder |
A University employee or student approved by the President, Vice President, Vice Provost, Dean or Business Manager who is furnished with a declining balance card. |
| Concur Reporting System |
The University’s on-line system for payment requests, expense reimbursements, cash advance requests, and reporting
|
| Declining Balance Card |
A bank-issued Visa card with a declining balance limit established by Business Services. The card is used for University business-related expenses incurred in accordance with this Policy and related University policies.
|
FOAPAL
|
The acronym representing each element of the University’s Charts of Accounts, i.e., Fund, Organization, Account, Program, Activity, and Location.
|
Merchant Category Code (MCC)
|
Each vendor is assigned an MCC based on the nature of its business. The MCC is used to allow or disallow transactions at the point of sale based on the code assigned to a particular vendor.
|
ADDITIONAL CONTACTS
FORMS
RESPONSIBILITIES
Cardholder
- Uses declining balance card for business-related expenses in accordance with this Policy and related University policies.
- Completes Expense Report, including proper documentation, and submits it to the Concur Reporting System no later than the first business day of the month following the month after an expense has been incurred.
- Certifies that all business-related charges are correct and refunds any portion of a cash withdrawal not used for a University business purpose.
Business Manager
- Approves employees and students authorized to receive a declining balance card.
- Reviews and approves Expense Report documenting charges in the Concur Reporting System.
- Ensures all expenses are business-related and in compliance with University policies.
Accounting and Business Services
- Works with JP Morgan Chase to activate declining balance cards for employees and students authorized to receive such cards.
- Reissues lost or stolen cards; assists in resolution of disputed transactions.
President, Vice Presidents, Vice Provosts, and Deans
- Ensures that cardholders in his or her division are in compliance with this Policy.
FREQUENTLY ASKED QUESTIONS
(None)
REVISION HISTORY
- 05/31/2012 - First publication of Policy.
APPENDICES
(None)
