U N I V E R S I T Y
Associate Vice President for Finance
237 High Street
North College, 4 Floor, Room 425
860.685.2833 FAX 860.685.2814
Date: October 25, 2005
To: Commercial Credit Card Applicant
From: Nathan Peters
RE: Wesleyan University VISA Commercial Credit Card Program
Welcome to the Wesleyan University VISA Commercial Credit Card Program. The
Commercial Card Program will streamline and simplify purchasing and bill paying.
Following this introductory letter, this packet contains detailed policies and procedures
and a Commercial Credit Card Request Form. Your signature on the Request Form
indicates that you understand the intent of the program and will comply with the
policies and procedures.
The Card will have no impact on your personal credit. Although the Card is issued in a
cardholder’s name, the Card is issued to Wesleyan University and is only to be used for
University purchases. Still, you are responsible for the security of the Card and the
transactions made against the Card. When you receive your Commercial Card, sign the
back of the card and always keep it in a secure place.
You are responsible for all charges made to the Card. You are committing University
funds each time you use the Commercial Card. This is a responsibility that should not
be taken lightly. Intentional misuse or fraudulent abuse may result in personal liability
and/or disciplinary action up to and including dismissal from the Credit Card Program
and Wesleyan. It may also result in legal action.
Charges are billed to the University and paid centrally by the University. Billing periods
end on the 20th of each month. All charges on the card will be billed to the default
account specified by you on your application. Object codes will be assigned
automatically, based on Visa merchant category codes and type of expense.
Some minimal record keeping is essential to ensure the successful use of the
Commercial Card. This is not an extraordinary requirement as standard payment
policies and reimbursements also require retention of receipts. You will receive a
monthly statement identifying each transaction made against the Commercial Card.
The statement must be reconciled against your retained receipts for accuracy. The
statement (with attached receipts) must be signed by your supervisor as proof of
reconcilement and forwarded to the Finance Office.
Proper use of the credit card will eliminate paperwork and allow for the easy re-
allocation of charges between accounts. Some of the features of the VISA Commercial
Credit Card are:
No annual fee.
VISA Acceptance – The Visa commercial card is accepted by over 21 million
Travel Accident Insurance – Travel accident insurance up to $500,000 at no
Auto Rental Insurance – Primary auto rental insurance, at no charge.
Emergency Travel Assistance – Provides emergency services to cardholders
while traveling, at no charge.
For additional information on the Wesleyan Commercial Credit Card Program, please
contact Christine Rodrigue, x3502 or Nathan Peters, x2833.
Wesleyan University Bank of America VISA Commercial Credit Card
Policies and Procedures
• Issuance: A Wesleyan Commercial Credit Card (hereinto referred to as the Card) is issued at
the discretion of the Finance Office with the approval of a member of Senior Staff. Individuals
with extensive travel requirements or ongoing grant activity are eligible to receive a card. A
new card may be requested by completing the Credit Card Request Form:
• Ownership and Cancellation: The Card is the property of Bank of America. It may not be
transferred to, assigned to, or used by anyone other than the assigned Cardholder. Bank of
America or Wesleyan University may suspend or cancel Cardholder privileges at any time for
any reason. The Cardholder will surrender the Card upon request, to any authorized agent of
Wesleyan University or Bank of America. Use of the Card or account after notice of its
cancellation may be fraudulent and may cause Wesleyan University to take legal action against
• University Travel Policy: All purchases made with the Card are subject to the Wesleyan
University Travel Policy: http://www.wesleyan.edu/finance/financeDept/accounts/travelPolicy.html.
• Default FRS Account. All cardholder’s are required to designate a default account. The
account used should be where most expenses will be charged to reduce the number of
reallocations. Reallocation to/from accounts must occur within the same billing cycle in which
the original expense occurred and must comply with applicable account restrictions. If
transfers are not made in a timely fashion, and an account is closed, the cardholder will be
responsible for finding an appropriate account for these charges.
• Receipts: It is the Cardholder's responsibility to obtain a receipt from a vendor each time the
card is used. The monthly statement will be mailed directly to each Cardholder. Receipts and
invoices, with the items or services listed in detail, should be attached to the Cardholder’s
respective monthly statement and forwarded to Christine Rodrigue in Finance within 21
business days. The statement requires the signature of both the cardholder and a supervisor.
Failure to comply with this policy will result in the temporary cessation, and possible
permanent cancellation of the card.
• Spending Limits: Each Card will have a preset limit. Upon Finance approval, this amount may
be increased or decreased depending on a Cardholder’s situation or the department’s buying
• Abuse: Abuse will result in revocation of the Card, and personal liability and/or disciplinary
action up to and including dismissal from the program and Wesleyan. It may also result in legal
action. Policy violations include, but are not limited to:
1. The purchase of items for personal use.
2. Failure to return the Card upon request or when terminated.
3. Failure to maintain proper records in accordance with published University policies
• Card Protection: The Card is valuable property that requires proper treatment by the
Cardholder to protect it from misuse by unauthorized parties.
1. Validation/Safekeeping – Sign the Card immediately upon receipt. When the
expiration date has passed and/or after receipt of a replacement Card, cut the old
Card in half and dispose.
2. Lost/Stolen Card – If the Card is lost or stolen, contact Bank of America
immediately at 1-888-449-2273 and notify the Finance Office.
• Disputed Items: It is the Cardholder’s responsibility to question and request credit for any
erroneous charges, returns or adjustments and to ensure proper credit is applied on
• Sales and Use Tax: Because the University is a non profit organization, it enjoys the benefit of
not having to pay sales tax on goods and services. When ordering goods or services, please
inform the vendor of Wesleyan’s tax status. If any further information is needed, contact
Accounts Payable at x2842 or x2843.
• Separation from the Institution: It is the Cardholder’s responsibility to forfeit their Credit Card
upon separation from the institution to an immediate supervisor or directly to the Finance
WESLEYAN Finance Office
U N I V E R S I T Y North College, 4th Floor
Commercial Credit Card request form
Change to existing card
Default account # (6-digit)
Use account where most expenses
will be charged to reduce the
number of re-allocations.
Credit Limit requested
$2,500 is default
Cash Advance (yes/no)
Reason for request
Senior Staff approval
Date of approval
*Your signature on the Request Form indicates that you understand the intent of the
program and will comply with the policies and procedures. Please forward this completed
form to Christine Rodrigue, Finance Office, North College 423. Applicant will be notified
when card is received.