Student Information for WINTER 2022 – IMPORTANT UPDATES

Credit Cards Policy – Procedure Statement

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Issued:
January 29, 2017
Last Revised:
October 23, 2013
Owner:
Director, Finance
Approved By:
President

Executive Team Member

  • An invoice must be secured and submitted to Finance along with a properly completed and approved claim form covering each use of the credit card when the acquisition of a pre-approved Purchase Order is not possible;
  • A supporting invoice is required for every use of the credit card;
  • No cash advances will be permitted under any circumstances; and,
  • The credit card timelines must be strictly observed. This necessitates strict compliance with the following timelines:
    • 17th day of each month – statements covering expenditures on each card should be printed off the US Bank website and all uses of the card should be reconciled;
    • 24th day of each month – Claim forms, as needed along with supporting invoices and receipts to be forwarded to Finance for processing;
    • 7th day of the following month – payment to US Bank for the balance due must be forwarded by mail or courier;

Other University Personnel

  • Other University departments or individuals needing to purchase a product or service through use of a University credit card must contact one of the Executive Team member cardholders and provide justification for the expense along with appropriate authorization;
  • A claim form, where needed, and supporting invoice must be provided to the Executive Team member cardholder;
  • The Executive Team member cardholder or assistant will facilitate the purchase of the product or service by contacting the vendor involved and providing the credit card details to complete the purchase;
  • No cash advances will be permitted under any circumstances; and
  • The cardholder or assistant will retain all documentation supporting the purchase to ensure ability to reconcile account and strictly observe the credit card timelines.
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