Credit Card Use Policy

Status


Approved

This policy has been developed to ensure that corporate credit cards issued by the College are used with integrity and diligence.

Public
visibility
Approved on: 27 Jun 2013
Review cycle: 3 Years
Owned by

Board Finance and Audit Committee

Approved by

College Board

Category: 
Policy Contact: 
Chief Operations Officer
Background: 

Authorised personnel have historically used a Corporate Credit Card issued by the College. However, no personnel have ever been informed of the College’s policy regarding its use.

Purpose: 

This policy has been developed to ensure that corporate credit cards issued by the College are used with integrity and diligence.

Scope: 

This policy applies to any employee of the College who has been authorised to use the College’s Corporate Credit Card and has been issued with a card for their use

Statement: 

The Purpose of the Card

The Corporate Credit Card issued by the College shall be used only for the official business of the College.

Card Holders

For the time being, only the following personnel shall have access to a Corporate Credit Card:

  • The College Principal
  • A Nominated Board Member;
  • Information Systems Manager;
  • Marketing and Communications Manager;
  • Chief Operations Officer;

Conditions of Use of the Card

  • The Corporate Credit Card issued by the College shall be used only for the official business of the College.
  • The Corporate Credit Card shall not, under any circumstance, be used for personal transactions, nor shall the card be used to obtain cash advances.

Card Holder Responsibilities

Credit Card Limits

Corporate Credit Card shall be limited to a maximum expenditure of $500 per month and be for official College business expenditure only. Credit Card purchases beyond this limit shall only be made with the prior approval of the Chief Operations Officer through the Finance Clerk.

Authorisation above certain transaction values

In the event that a Card Holder needs to conduct a transaction which exceeds the authorised maximum expenditure limit of his/her card, the Card Holder shall apply, in writing or by email, to the Chief Operations Officer, through the Finance Clerk, for such authorisation. Approval or non-approval shall be advised by the Chief Operations Officer, or his/her delegate in writing or by email.

Lost Cards

In the event that a Corporate Credit Card is lost or stolen, the Card Holder shall:

  • Notify the bank that issued the card immediately;
  • Notify the Chief Operations Officer and Finance Clerk immediately;
  • In the event that the card is believed or known to be stolen, notify the police.
  • Make a written record of all communications and actions taken throughout the process of speaking with the issuing bank, the police and appropriate College personnel, including who the Card Holder spoke with, the date and time of the conversation(s), the context of the conversation(s) and any follow up items.

The Chief Operations Officer and/or Finance Clerk shall be responsible to undertake any necessary interventions regarding the credit cards issued to other authorised Card Holders.

Return of the Card

On ceasing employment with the College, or when requested to do so, the Card Holder shall return any Corporate Credit Card issued by the College immediately.

Provision of Receipts/tax invoices

The Card Holder shall be responsible to provide to the Chief Operations Officer, through the Finance Clerk, any receipts or tax invoices relating to transactions conducted with the use of the Corporate Credit Card. Such receipts or tax invoices shall be provided in a timely manner, or immediately upon request.

Misuse

In the event that the Corporate Credit Card is used for charging personal transactions, or to obtain a cash advance by any card holder, the card holder shall be considered to be in breach of the conditions of use. Such breaches of the conditions of use may result in:

  • Cancellation of the card and withdrawal of Corporate Credit Card privileges;
  • The recovery of monies from the card holder;
  • Disciplinary action against the card holder concerned, at the discretion of the Chief Operations Officer.