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(c)CMMcGuire-20131114-0761

Credit Card Policies

Policy Statement
The College credit card program is intended to streamline and simplify purchasing and accounts payable functions. The College credit card is a tool that reduces transaction costs, facilitates timely acquisition of materials and supplies, automates data flow for accounting purposes and offers flexible controls to help ensure proper usage. The card may be used with any merchant who accepts Visa, either in-store, by phone, mail, fax or on-line, subject to the College's purchasing and travel policies.

Program Overview
The College credit card program is designed to complement existing purchasing processes including petty cash, check requests, and low dollar purchase orders. The College credit card program is not intended to avoid or bypass current payment procedures and purchasing policies. Proper documentation and record keeping is essential.

Definitions:

  • Cardholder - College employee whose name appears on the credit card and is accountable for all charges made and reporting and documentation associated with that card.
  • Department Liaison - Support staff that assists the Cardholder with the compilation and submission of credit card statements/expense reports
  • Cardholder Supervisor - The employee within each department who is responsible for reviewing the Cardholder's transactions and verifying that all charges associated with the credit card are supported by the appropriate documentation.

Credit Card: Supporting Documentation

It is the Cardholder’s responsibility to gather and retain supporting documentation for card purchases. This documentation will take the form of a supplier produced document that contains detailed information regarding the transaction. This includes cash register receipts, charge slips, invoices, and/or computer screen prints. The documentation should always contain the following information:

  • merchant name and address
  • unit prices
  • transaction total amount
  • transaction date
  • transaction details: item description(s), quantities ordered and received

Transactions that relate to travel, food or entertainment must have supporting documentation that includes:

  • The names of participants.  For large groups, the name of the group is acceptable
  • Date and location(likely already provided on the receipt)
  • The business purpose for the expense
  • Purchases for gasoline must indicate a rental or College vehicle

Not Reviewed