VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy U020

1. PURPOSE The purpose of this policy on VCOM-issued charge cards is to provide instructions pertaining to the issuance and usage of the VCOM cards. VCOM charge or credit cards (VCOM cards) are typically issued to eligible employees approved by the President and CFO and are limited to Administration and those who travel frequently for the College. In addition the VCOM credit cards are issued to President and CFO approved employees who work in departments or divisions that need to tender payments for recurring spot purchases. Each VCOM Campus Director for Accounting and Budgets may place orders utilizing his or her VCOM card after receiving the properly approved and completed Purchasing and Reimbursement Approval Forms. VCOM credit cards are assigned VCOM’s credit card policy permits the issuance of departmental or divisional VCOM cards (VCOM D-cards). The D-card is not assigned to a specific employee on the card and are issued through the divisional officers, who are required to safeguard the VCOM Dcards and monitor employee purchases who have checked out and returned the VCOM Dcard. Itemized receipts are to be returned with the Dcards. Only a few divisions are issued VCOM Dcards. Compliance with this policy by VCOM cardholders is intended to avoid fraudulent use of the VCOM credit card, avoid I.R.S. violations on use of credit cards, improve and strengthen VCOM’s Internal Controls and financial reporting processes. While VCOM cards are issued to a limited number of eligible employees to assist them in performing their job duties, cardholders, by using a VCOM card, accept responsibility for purchasing only necessary, business-related goods and services, and agree to abide by this policy and other VCOM policies on use (see travel policy). Being a VCOM credit cardholder is a privilege, consequently, VCOM reserves the right to invoke disciplinary action against employees who violate this policy, and/or suspend or terminate the eligible employees cards at any time. 2. DEFINITIONS 2.1 VCOM Credit Cardholder is an employee eligible to receive a VCOM-issued charge card and approved by the President and CFO to hold such a card (VCOM card or VCOM Dcard). 2.2 VCOM Credit Card Service is first by the company issuing the credit card. The credit card customer service telephone number should be used as the first attempt to resolve any problems with VCOM cards or Dcards. When problems arise in resolving problems, the employee should utilize the VCOM Card Administrator as the next source of assistance.

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