Credit Card Policy
Click here for a printable version of the Credit Card Policy.
Getting and Using a Credit Card
Credit cards are provided to Ursinus College employees on the recommendation of their supervisor and approval of the Vice President of Finance and Administration. They are to be used primarily for college-related travel or conference expenses. In some cases, they may be used for emergency needs and other special circumstances. We encourage you to discuss any special procurement needs with the purchasing department (Joyce Makoid, ext 3597). Purchasing has created and nurtured relationships with both local and online vendors. As a result, the College receives discounted pricing, enhanced customer service, and utilizes its tax-exemption status when applicable. College-issued credit cards are never to be used for personal expenses or gift cards and should only be used by the credit card holder.
Requests for credit cards should be directed to the Associate Controller, Sharon Pearson, via email or telephone (ext 3233).
Monthly Credit Card Activity
Credit card statements are provided to the College and individual card holders on a monthly basis. The College pays all charges monthly. Each month, card holders are to review their statements carefully, code each item to the appropriate general ledger account, provide project id (if applicable), and attach original, detailed receipts and other relevant documentation. If expenses are for entertainment, such as meals, documentation as to attendees and purpose must be included. The credit card statement and attached documentation is to be forwarded to the supervisor, budget manager, or VP for approval. Upon approval, the statement and documentation are to be forwarded to the Business Office.
Undocumented Credit Card Expenditures
The College is under ever-increasing scrutiny by auditors and the government. As a result, we are required to be more stringent in following and adhering to controls and procedures dictated by these outside forces. According to IRS regulations, as documented in IRS Publications 463 and IRS Publication 535, any unsubstantiated or unrelated charges that were paid on behalf of an employee must be reported as taxable income in Box 1 of the employee’s Form W-2. Therefore, it is crucial that documentation for credit card charges be provided in a timely manner. The College requires that the documentation be received by the Business Office within 30 days of the credit card holder’s receipt of their statement. If these requirements are not met, the undocumented amount is the cardholder’s responsibility and is subject to federal income tax as well as other mandated withholding taxes.
Lost or Stolen Cards
Credit cards should be kept in a safe place. Please report lost or stolen credit cards to Bank of America (888-449-2273) immediately and notify Associate Controller, Sharon Pearson, as soon as possible.
Fraudulent Credit Card Charges
Please monitor your statement closely. Report suspected fraudulent activity immediately to Bank of America at the telephone number indicated on the back of the credit card and notify Sharon Pearson in the Business Office.