Purchasing Card Program

The Purpose of this program is to establish a more efficient, cost effective method of purchasing and paying for small dollar transactions. The program is designed to reduce a variety of processes including petty cash, low dollar checks, cash advances, and small dollar purchase orders.

These procedures provide the guidelines under which you may use your department purchasing card.

The purchasing card is similar to a standard charge card, except that payment is made by the College for College related charges made to it.
This Visa card allows you to purchase goods and services directly from vendors when each transaction does not exceed $500.00.
Each card is the property of the College and is to be used ONLY for College purchases as defined in this document.

Using the card:

The purchasing card eliminates the need for filling out requisition forms, obtaining authorized purchase order numbers, and approving invoices on all card transactions. This means ease of use, reduction in repetitive tasks, less paperwork and enhanced control.

The card can be used for conference registrations, seminars, subscriptions, dues, films, publications, books, emergency supplies and services. Note that each transaction must not exceed $500.00.

When placing your order you should supply the following information:

Identification as a Vassar College employee
Cardholder name/department
Individual card number
Expiration date of the card
Vassar College New York State Tax-exempt status and number
Delivery address (Vassar College, Department name/Ref. P-Card Order, Attn: Person name, 124 Raymond Avenue, Poughkeepsie, NY 12604)
Other information necessary to make the purchase

Restrictions:

The card may not be used for such transactions as personal items, cash advance, hazardous chemicals, computer hardware, furniture/furnishings, items on the College contracts, capital equipment, temporary help, and any products or services considered to be as inappropriate use of College funds.

Billing Reconciliation and Verification:

Departments are responsible for monthly reconciliation of their card statements. The cardholder statement received from JP MorganChase/Paymentech will detail charges made during the previous billing cycle. This information must be reviewed promptly for accuracy.
Each charge on the statement is reconciled to a corresponding original receipt. All receipts corresponding to transactions listed on the statement are to be attached to the statement and filed in the department.

Periodic audits of Purchasing Card activities and record keeping within each department will be conducted by the Purchasing Office to ensure compliance to the Purchasing Card program terms and conditions listed in this document.

Individual transactions on the monthly cardholder statement can be designated to other program/department’s budget accounts as appropriate.
The cardholder has the option to perform an on-line reassignment of budget accounts from a default to other more appropriate accounts. The cardholder will have up to 10 days after the close of the billing cycle to conduct on-line reassignments, otherwise, the total amount of monthly cardholder transactions will be billed to the department’s primary/default account number listed on the Purchasing Card application.

Disputing a Charge:

Disputed billing can result from failure to receive goods or services charged, fraud, incorrect amounts, duplicate charges, etc.
The cardholder should contact the supplier first to resolve any outstanding issues. Notify JP MorganChase/Paymentech Customer Service at 1-800-555-5180 in case of a dispute. Contact the Purchasing Office if any assistance is required.

Note that, by law, suppliers are not allowed to bill your card for purchases until the items have been shipped.

Returning Item(s):

It is essential that the supplier be contacted for a return authorization. Items should be returned directly to the supplier by whichever means the supplier requires. Retain supporting documentation on file. The cardholder is responsible to ensure that proper credit is posted for any returned item(s).
Contact the Purchasing Office if any assistance is required.

Termination/Cancellation of the Purchasing Card:

Purchasing cards may be cancelled if a department or individual does not comply with policies and procedures.

Lost/Stolen card:

Immediately notify JP MorganChase/Paymentech and the Purchasing Office if the card is lost or stolen.

Recordkeeping:

P-Card statements are mailed to a P-Card holder monthly and upon receipt must be reconciled to the receipts for transactions done during that billing period. Once reconciliation is completed all P-Card monthly statements along with corresponding receipts attached to them must be kept by departments in their files for a period of 7 years from the date of statement.

Card users need to read, understood, and agree to comply with the College Policy & Procedures stated above.