policy procurement card procard modified Wed Oct 12 2022 14:35:52 GMT-0400 (Eastern Daylight Time)
University of Louisville
January 1, 1998
This policy applies to University administrators, faculty, and staff.
REASON FOR POLICY
The purpose of this policy is to establish uniform procedures, accountability, and controls for the University of Louisville’s Procurement Card Program.
The University benefits by having a more efficient, cost-effective method of purchasing and payment for small dollar transactions. The ProCard program complements the existing purchasing and payment process. Use of the card does not replace current travel or competitive bid regulations, nor does it allow departments to bypass Purchasing policies and procedures.
The Procurement Card (ProCard) is the University’s credit card and must be used for purchasing certain goods costing less than $4,500.00 if accepted by the vendor and not restricted by ProCard policies. The cardholder, reconciler, and approver must comply with the established policies, procedures and responsibilities as found on the ProCard Website (http://louisville.edu/procard/policies) and shall be held accountable for use of the card. Purchasing must continue to execute contracts/departmental agreements prior to ProCard use.
- Card Renewal – active ProCards will automatically be renewed and mailed to the ProCard Office three years after the issue date.
- Card Cancellation or Surrender.
- Lost or Stolen Cards- lost or stolen cards must be immediately reported to PNC Bank.
The cardholder is responsible for contacting the vendor and/or PNC Bank about any erroneous charges, returns or disputed items.
The employee who has been issued a ProCard and is accountable for all transactions on their card.
- ProCard Security/Possession- the ProCard is to be protected by the same safeguards that are applied to the security of a personal credit card.
- Receipt/Recordkeeping Responsibilities-the cardholder should maintain files by billing cycle. Included in each file should be original itemized receipts/invoices, PNC Bank statements (for billing cycles that had transaction activity), and the transaction summary log (TSL).
The employee designated to verify that purchases are appropriate for the funding source and are for the benefit of the university. The approver must not be a subordinate in the direct reporting line of the cardholder. Furthermore, the cardholder cannot be an approver of his/her own card.
The employee designated for attaching receipts/backup documentation, and adding a business purpose. They may also have the added responsibility of ensuring the charges are allocated to the appropriate speedtype and account code.
Each department's Unit Business Manager is responsible for following items in terms of ProCard oversight.
Vice President for Finance and Chief Financial Officer
RESPONSIBLE UNIVERSITY DEPARTMENT/DIVISION
Houchens Building, University of Louisville
Louisville, KY 40292
Revision Date(s): September 18, 2017; May 10, 2018
Reviewed Date(s): February 14, 2020
The University Policy and Procedure Library is updated regularly. In order to ensure a printed copy of this document is current, please access it online at http://louisville.edu/policies.