T.2c Purchasing Card Policy/Procedure 

When reconciling a University-issued credit card (procurement card), all employees are required to submit detailed receipts monthly. A summary receipt for purchases is not acceptable.

The Organization complies with IRS regulations, which require that all business expenses be substantiated with adequate records. This substantiation must include information relating to:

  1. The amount of the expenditure.
  2. The time and place of the expenditure.
  3. The business purpose of the expenditure.
  4. The names and business relationships of individuals other than the employee for whom the expenditures were made.

Access Online will house all card transactions and can be accessed at any time by cardholders. All cardholders must complete online training and present their certificate of completion before receiving a University-issued card.

University-issued credit cards should never be used for personal charges.

Employees with a University-issued card will not be reimbursed for transactions made using a personal card or cash.

Before any purchase of $750 or higher is made, an approved purchase order must be obtained through BannerWeb. This includes purchases made with purchasing cards and expense reimbursements. In the event multiple transactions are presented over a period of time in order to stay below the $750 threshold and avoid obtaining approvals, individuals may be subject to disciplinary action.

CBU is exempt from sales tax in the State of Tennessee. The University should not be charged sales tax on purchases and will not reimburse employees for Tennessee sales tax paid. Employees are to provide a copy of the Sales Tax Exempt form to vendors.

US Bank monthly activity cuts off on the 25th of each month. Users will log into Access Online and approve transactions before approving their statement. This should be completed by the last business day of the month.

Approvers need to have all review completed by the 4th business day of the following month. All reconciliations must come through the Access Online system and approvals will be routed through the proper approval channels.

Accounts not reconciled and approved by the 4th business day of the following month will be suspended until an approved reconciliation is received. Cardholders submitting a 3rd late submission may be subject to disciplinary action, including loss of cardholder privileges