Purchasing Card Policy and Procedures

Purpose and Goals:

The P-Card program provides an efficient, cost effective method of purchasing and paying for small dollar transactions. The program is designed to reduce numerous processes including petty cash, low dollar checks, cash advances, and small-dollar purchase orders. These procedures provide the guidelines for use of a department purchasing card.

  • The P-Card is similar to a standard charge card, except payment is made by the College.
  • The P-Card allows you to purchase goods and services directly from vendors when each transaction does not exceed $2,000.
  • 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:

We strongly recommend that at least one person in each department have a P-Card and all departments are encouraged to use their P-Cards for all orders under $2,000. The P-Card eliminates the need to submit requisitions and obtain purchase orders, subsequently reducing repetitive tasks and paperwork. All P-Card holders must comply with these guidelines and holders may be personally responsible for charges not in compliance with these guidelines.

The card can be used for conference registrations, seminars, subscriptions, dues, films, publications, books, emergency supplies and services. Note that a given transaction may not exceed $2,000.

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)

Restrictions:

The card may not be used for items on College contracts, or any products or services considered an inappropriate use of College funds. The following items are prohibited but should not be considered a complete list:

  • alcoholic beverages
  • ammunition
  • gifts/prizes/greeting cards
  • bus charters
  • carpet
  • cash advances
  • contributions
  • firearms
  • flowers
  • framing
  • furniture (any kind)
  • hazardous materials    limousine service
  • lodging
  • meals
  • music/PDA downloads
  • political contributions
  • prescription drugs
  • radioactive materials
  • renovation/construction services
  • security systems
  • software
  • vehicles
  • window treatments

Billing Reconciliation and Verification:

Departments are responsible for monthly reconciliation of their card statements. The monthly cardholder statement received from JP MorganChase will detail charges made during the previous billing cycle. This information must be reviewed promptly for accuracy.

Monthly Reconciliation

Reconciliation worksheet: We have developed a reconciliation worksheet to facilitate and standardize record-keeping for the required monthly reconciliation. A copy of this worksheet is attached and additional copies are available at http://purchasing.vassar.edu/pdfs/reconciliation.pdf

Reconciliation Process:

  • The cardholder is required to reconcile each charge on the statement to the corresponding original receipt, each month within seven days of receipt of the statement.
  • The monthly statement and all original receipts corresponding to transactions listed thereon are to be attached to the P-Card reconciliation worksheet (a copy is attached and additional copies are available at http://purchasing.vassar.edu/pdfs/reconciliation.pdf)
  • The business purpose of each expense should be noted in the space provided on the reconciliation worksheet.
  • If the recipient of the goods and/or services is different than the cardholder, then the recipient should sign the receipt, packing slip, or other documentation.
  • The cardholder and supervisor must sign and date both the reconciliation worksheet and the monthly statement. If there were no purchases during the month and therefore no statement, add a note to that effect to the reconciliation worksheet.

Recordkeeping:

After reconciliation is complete, all P-Card monthly statements, receipts and monthly reconciliation worksheets must be kept by departments in their files for a period of 7 years from the date of statement.

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

Expense Categorization:

Each month the cardholder should review expenses on-line and assign any charges to the appropriate budget numbers (charges will be assigned to a default budget number, as provided on a P-Card application, when transactions are posted on a P-Card account). 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 5 days after the close of the billing cycle to do on-line reassignments.

Disputing a Charge:

Disputed billing can result from failure to receive goods or services, fraud, incorrect amounts, duplicate charges, etc. The cardholder should contact the supplier first to resolve any outstanding issues. Notify JP MorganChase Customer Service at 1-800-270-7760 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 for ensuring 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 stated in this document.

Lost/Stolen card:

Immediately notify JP MorganChase at 1-800-270-7760 and the Purchasing Office if the card is lost or stolen.

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