| Policy Number: FIN 206 | Policy Title: Purchasing Card |
| Supersedes Existing Policy: N | Policy Sponsor: Senior Vice-President, Corporate Services & CFO |
| Associated Procedure: Y | Policy Owner: Senior Director, Finance |
| Related Documents and Links |
1. Policy
Departmentally approved employees are authorized to use the purchasing card to purchase low-dollar-value goods and services in support of sound business practices. As a result, benefits will accrue at the finance level by reducing the number of purchase orders and cheques processed at the purchasing, accounts payable level. By reducing the number of purchase requisitions at the department level, this provides a simplified purchasing process. An increased level of service by suppliers will result since vendors will benefit by a reduction of invoicing and improved cash flow.
2. General Information
The college assumes liability for all authorized charges on the purchasing card – not the individual cardholder. The card is issued to a specific individual and may be used only by that person. It is not transferable.
Any annual fee associated with the purchasing card will be charged to the department holding the purchasing card.
3. Card Limit
The dollar limit for individual purchases and monthly spending for each employee will be $200 per transaction and $1,000 per month. Purchases may not be broken into smaller purchases (parcelling) in order to meet the transaction limit.
4. Related Documents and Links
- FIN 206 Purchasing Card Procedure
- FIN 206 Appendix A Purchasing Cardholder Agreement Form
- FIN 206 Appendix B Cardholder Transaction Reconciliation
- FIN 206 Appendix C Mastercard Change Request Form
- FIN 206 Appendix D New Mastercard Request
- FIN 206 Appendix E PCI Staff Compliance Form
- FIN 206 Appendix F Alternate Statement Printing