Credit Card Policy
Proposed by: Comptroller
Approved by: President and the Vice-President for Administration & Finance
Effective date:
Amendment date(s):
To establish guidelines for the issuance and use of University credit cards.
Part II. Policy
The University issues credit cards to employees for travel & entertainment expenses incurred while conducting official University business. Cardholders must abide by the University’s Travel and Entertainment Expense Policy when making charges. Credit cards may not be used for cash advances. Credit cards may be issued to individuals who are required to travel or entertain on a regular basis as part of their job responsibilities. An employee may request a credit card by contacting the Vice-President of Administration & Finance. The Vice-President for Administration & Finance will determine credit card limits taking into consideration estimated usage as recommended by the Comptroller and cardholder. Once an individual has been approved to receive a credit card, the Executive Assistant to the Vice-President for Administration & Finance will contact the bank to have a credit card issued in the employee’s name. The employee must sign a Credit Card Agreement Form upon receipt of the credit card. This agreement form stipulates that the employee agrees only to use the credit card for travel and entertainment expenses and that he/she will abide by the Travel & Entertainment Expense Policy for those expenses. The Credit Card Agreement Form is kept on file in the Office of the Vice-President for Administration & Finance. A list of credit cardholders along with the authorized credit limit for each cardholder is submitted annually to the Administration and Finance Committee of the Board of Trustees for review.
The President, Vice-President for Academic Affairs, and the Vice-President for Administration and Finance may use his/her card to purchase goods on behalf of the University in situations that can not be handled efficiently with a purchase order or a University check or to make travel arrangements for employees who do not have University credit cards.
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 information. If the credit card is lost or stolen, the cardholder must notify the bank and the Executive Assistant to the Vice-President for Administration & Finance immediately. A new card will be issued to the cardholder after the reported loss or theft. A card that is subsequently found by the cardholder after being reported lost must be given to the Executive Assistant to the Vice-President for Administration & Finance.
The cardholder is responsible for all charges made on the credit card. At the end of each billing cycle, the cardholder shall receive from the bank his/her monthly statement of account that will list the transactions for that period. The cardholder must check each transaction listed against his/her receipts to verify the charges. If the cardholder has personal expenses included on the same receipt as the reimbursable expenses, i.e. personal phone calls on the lodging bill, a spouse’s dinner on the restaurant receipt, he/she must identify those expenses on the receipt and attach to his/her monthly statement a check payable to Shenandoah University for the amount of the personal expense charges. The monthly statement and all required receipts as outlined in the Travel and Entertainment Expense Policy must be attached to a completed and approved Credit Card Expense Form and sent to the Accounts Payable Office by the published due date. The Accounts Payable Office will issue a calendar of the monthly due dates to each cardholder annually. Cardholders who do not submit the required information for paying the credit card charges by the due date may lose their credit card privileges. Late fees or finance charges assessed by the bank for late payments will be charged to the cardholder’s budget.
If the cardholder is disputing a charge, he/she shall note on the monthly statement that the item is in dispute along with an explanation for the dispute. The Accounts Payable Office will send the required information for the disputed charge to the bank.
A cardholder’s credit card may be revoked at any time for lack of need, unauthorized purchases, improper usage, or continual tardiness in submitting the required payment information to the Accounts Payable Office. A cardholder who makes unauthorized purchases or improperly uses the credit card may be liable for the total dollar amount of such unauthorized purchases plus any administrative fees charged by the bank in connection with misuse.
Exhibits:
Credit Card Agreement Form
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