VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy U020

Alcoholic beverages; Any personal expenses; ATM withdrawals or cash advances; Entertainment expenses;

Fines and penalties; Gifts or Gift cards*; Lodging and meal expenses in excess of approved travel limits; Movies;

Payments for equipment, fixtures, furniture and software valued at $1,000 or more**; Payments for software without the advanced approval from the Cardholder’s campus Information Technology department; Payments to individuals, employees or students*; Also, please refer to Non-reimbursable Expenses in the VCOM Travel Policy. * regulated by the I.R.S. and may be taxable income to the recipients. Please contact the Chief Financial Officer, the Assistant Vice President for Finance or the Controller for more information before charging these types of expenses to your charge card. ** prohibited by the Finance division/Business Office; items may be capitalized as fixed assets; please contact the Chief Financial Officer, the Assistant Vice President for Finance or the Controller for more information before charging these types of purchases to your charge card. Completing Monthly Credit Card Logs Step 1. Cardholders, as stewards of VCOM’s monies, are responsible for spending VCOM monies appropriately and wisely, and not being wasteful. This stewardship requires attention to detail, is necessary and required as Cardholders and must be approved by the Division Officer as the supervisor. Cardholders are encouraged to shop to ensure VCOM is procuring needed goods and services at reasonable costs or prices. Step 2. Cardholders shall wherever possible obtain original, itemized receipts when using their VCOM cards. If a receipt is lost or somehow not obtained, the Division Officer must sign off as the charge being appropriate for the purchase, including the amount. If the Division Officer does not approve the charge, the employee will be required to submit the amount charged to the College. The President reviews and approves all Division Officer and Campus Dean credit card purchases. The Chairman of the Board reviews and approves the President’s credit card purchases. Step 3. Cardholders shall complete the VCOM’s Credit Card Log each month. Cardholders are responsible for utilizing the most current version of the Credit Card Log, which is posted in Paychex. The original receipts shall be compared to entries on the appropriate monthly charge card statements. The cardholders shall resolve any discrepancies between the original receipts and appropriate entries on the monthly statements. This process should involve 5.7

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