PURPOSE / SCOPE:
The purpose of this policy is to communicate the eligibility, usage, and documentation requirements of the use of their issued Idaho College of Osteopathic Medicine (ICOM) corporate credit card.
DEFINITIONS:
The names “purchasing card” and “credit card” are used interchangeably.
POLICY:
1. When deemed appropriate ICOM will issue a corporate credit card to eligible employees for job-related, non-personal expenses.
2. Employees shall use their corporate credit cards to charge business-related expenses. Expenses must be for approved budget items only. Any items not budgeted must be authorized by the CFO, Dean or President and documentation of their approval needs to be provided for each charge.
3. Personal purchases of any type are strictly prohibited.
4. Employees may NOT take cash advances on credit cards.
5. The employee is responsible for all charges made to the card. The employee will be held financially liable for any unauthorized items appearing on the credit card statement.
6. Cardholders are required to sign the "Cardholder Agreement" indicating they accept these terms. Individuals who do not adhere to these policies and procedures risk temporary or permanent revocation of their credit card privileges and/or disciplinary action.
PROCEDURE:
Divvy Visa Cards
1. The CFO or Controller is responsible for authorizing the use of corporate credit cards and assigning the credit limit, if applicable.
2. The employee must obtain a detailed receipt for the purchase. The following information is required to be provided:
- A brief description or explanation regarding the business purpose of the expenditure.
- The receipt must be detailed including tax, tip, delivery, freight as applicable.
- Per IRS regulations receipts for meals that include charges for others than the cardholder must include the names of all persons involved. If it is a large group such as department employee meetings/trainings that can also be noted.
3. Cardholder is responsible to code transaction with appropriate department/budget, general ledger account, a note with short description of charge and receipt, within 3 business days after the expenditure is made.
4. The Accounting Department will match the receipts submitted to the credit card statement. Transactions will be reviewed for properly documents and cardholder will be contacted if there is any additional information or clarification is needed. Any charges that do not have a receipt will be the personal responsibility of the cardholder.
5. The employee must notify Divvy and the Accounting Department immediately to report a credit card has been lost or stolen.
6. The corporate credit card is the property of ICOM. An employee leaving the employment of ICOM must surrender the credit card to the CFO or Controller who will then notify the issuing authority to cancel the employee’s account.
American Express Plum Cards
1. American Express Plum Cards are reserved for ICOM leadership: President & Chief Executive Officer, Executive Assistant to the President & Chief Executive Officer), Dean & Chief Academic Officer, Executive Assistant to the Dean & Chief Academic Officer and Vice President of Finance & Chief Financial Officer.
2. Following same procedure given above for Divvy Visa cards except documentation, such as itemized sales receipt and description of transaction, is entered in the American Express website. Department budget and general ledger accounts for charge is determined by accounting with input from cardholder and executive assistants.
PRIMARY POLICY OWNER:
Vice President of Finance & Chief Financial Officer
APPROVAL:
Effective: 7/31/21
Last Reviewed: 5/9/23
Review Requirement: 5 Years