Credit Card, Store, and Gas Charge Account Policy
Purpose
The OWWL Library System provides credit cards, store charge accounts, and gas-only credit cards for restricted use to facilitate the daily operations of the System.
In the event payment cannot be accommodated by invoice, credit cards may be used with an approved requisition form.
Authorizing Credit Card Use
To ensure responsible credit card use, the System implements a strict authorization process.
- All credit cards issued to a specific employee require approval by the Board of Trustees.
- Designated cardholders complete mandatory training and acknowledge their responsibilities in writing.
- The System conducts periodic analyses of card activity to verify alignment with the cardholder’s job duties.
- Procedures for credit card use may be found in the Employee Handbook Appendices.
Restrictions on Credit Card Use
These restrictions apply to all staff members entrusted with a System-issued credit card.
- Personal expenses are strictly prohibited on all credit cards.
- Alcohol, recreational substances, or tobacco products are strictly prohibited from being purchased with a System credit card.
- Cards will not allow cash advances or cash back rewards.
- Reasonable spending limits will be established for each purchase or total credit balance. Activity exceeding these limits requires prior authorization from a designated higher authority.
- Cardholders utilizing the card for “emergency purposes” must provide clear documentation justifying the need.
Safeguarding Credit Card Use
To safeguard the System’s financial resources and ensure responsible credit card use, the OWWL Library System has established the following guidelines.
- When not in use by authorized personnel, all credit cards must be kept in a secure location, such as a locked desk drawer.
- Requisition Forms track the use of credit cards shared amongst multiple staff members.
- Procurement duties will be segregated among staff members (e.g., approval, verification, and payment of claims). No individual may review and approve their own purchases.
- Bills will be reviewed for suspicious activity, including unusual destinations or items charged.
- Verification will be conducted to ensure purchased items have been received.
- The Finance Director will reconcile all purchases on a regular basis.
- Identified discrepancies will be promptly investigated and addressed.
- Any inappropriate charges will be documented and recouped immediately.
- Automatic payment deductions will not be used to settle credit card bills.
- A master list of all credit cards is reviewed and updated annually, with unused or unaccounted-for cards promptly canceled.
- Lost or stolen cards must be reported to the Finance Director and Executive Director immediately so they may be canceled.
- Upon resignation or termination credit cards issued to staff will be canceled.
Documenting Credit Card Purchases
Staff are required to provide proper documentation for all credit card transactions. This documentation includes the following.
- Clearly documented purpose of each purchase on approved Requisition Form.
- Itemized receipts for all purchases.
- Names of individuals incurring expenses (e.g., names of attendees at a meeting where food was purchased).
The Finance Director will use this information to reconciled credit card statements with corresponding itemized receipts and invoices.
Last Updated: August 14, 2024