PURPOSE:

To establish the policies related to the proper use of a University of Pennsylvania Procurement Credit Card (Procard)

POLICY:

1. School or Center senior financial officer approval is required to receive a University procurement credit card.

2.   All cardholders must attend a formal training session prior to receiving a procurement credit card.

3.   All cardholders must sign and accept the terms and conditions of the University of Pennsylvania Cardholder Agreement prior to receiving a procurement credit card.

4. All procurement credit card transactions must be processed in accordance with the established procedures as communicated in the Acquisition Services Procurement Credit Card Training Program.

5. The maximum procurement credit card transaction limit is $4,999. The standard transaction limit is $1,000. Changes to the standard limit must be approved by the Comptroller. The procurement credit card cannot be used to purchase restricted commodities.

6. A procurement credit card cannot be used for purchases from Penn Marketplace suppliers or from suppliers that have declined to participate in the Penn Marketplace.

7.   All procurement credit card transactions must be made by the individual to whom the card has been issued.

8.  All procurement credit card transactions must be made for the use and benefit of the University. Personal purchases are not permitted in any circumstances.

9.  As an authorized agent of the University, it is the cardholder's responsibility to ensure proper use of the Universityís sales tax registration number.

10. It is the cardholders or designee's responsibility to maintain adequate documentation of all transactions.

11. Acquisition Services is authorized to review procurement card purchasing activity to ensure compliance with this policy. Acquisition Services is authorized to suspend the procurement credit card privileges of any cardholder who is deemed to be in violation of this policy.

12. Violation of this policy, and/or the duties and responsibilities listed in the Procurement Credit Card Training Program, will result in further action to be taken by the Dean or Director or the School or Center Senior Business Officer in accordance with the University of Pennsylvania Human Resources policies.

13. Fraudulent use of the procurement credit card will result in actions being taken in accordance with the procedures established in the Cardholder Agreement form.