Policies and Procedures
Credit Card Policies and Procedures
Objectives:
1. To allow Grand Island Public Schools Foundation personnel and Umbrella Organization members access to efficient and alternative means of payment for approved expenses related to business travel and supplies.
2. To improve managerial reporting related to credit card purchases.
3. To improve efficiency and reduce costs of payables processing.
Policies:
1. Credit cards will be issued to Foundation Staff and representatives from Umbrella Organizations.
2. Credit cards will be used for business purposes only. Personal purchases of any type are not allowed.
3. The following purchases are not allowed:
• Capital equipment and upgrades over $5,000
• Construction, renovation/installation
• Controlled substances
• Items or services on term contracts
• Personal items or loans
• Telephones, related equipment, or services
• Any other items deemed inconsistent with the values of the Foundation
4. Cash advances on credit cards are not allowed.
5. Cardholders will be required to sign an agreement indicating they accept these terms. Individuals who do not adhere to these policies and procedures risk revocation of their credit card privileges and/or disciplinary action.
6. The card may be revoked at any time based on change of assignment. The card is not an entitlement, nor reflective of title or position.
7. All transactions are subject to examination by internal and external auditors.
Procedures
1. Detailed receipts must be submitted to the Foundation office by the 20th of each month to enable timely payments of amounts due.
2. In the case of meals and entertainment, each receipt must include the names of all persons or groups involved in the purchase, and a brief description of the business purpose of the purchase, in accordance with Internal Revenue Service regulations.
3. All receipts submitted must include the initials of the cardholder.
