W E S L E Y A N
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W E S L E Y A N

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W E S L E Y A N W E S L E Y A N Document Transcript

  • WESLEYAN U N I V E R S I T Y Associate Vice President for Finance 237 High Street th North College, 4 Floor, Room 425 Middletown, Connecticut  860.685.2833 FAX 860.685.2814 Email: npeters@wesleyan.edu 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 merchants. Travel Accident Insurance – Travel accident insurance up to $500,000 at no charge. 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. -2-
  • 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: http://www.wesleyan.edu/finance/financeDept/accounts/travelPolicy.html. • 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 the Cardholder. • 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 need. • 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 and procedures. • 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 subsequent statements. • 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 Office. View slide
  • WESLEYAN Finance Office U N I V E R S I T Y North College, 4th Floor Commercial Credit Card request form New Card Change to existing card Applicant’s name Applicant’s WesID Date requested Campus extension Email address Department name Department address 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 Requestor’s signature* Requestor’s supervisor (please print) Supervisor’s signature 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. View slide