{"id":1975,"date":"2025-11-07T13:11:26","date_gmt":"2025-11-07T19:11:26","guid":{"rendered":"https:\/\/wp.stolaf.edu\/business-office\/?page_id=1975"},"modified":"2025-11-08T15:06:41","modified_gmt":"2025-11-08T21:06:41","slug":"credit-card-policy","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/business-office\/credit-card-policy\/","title":{"rendered":"Credit Card Policy"},"content":{"rendered":"<div data-modular-content-collection><p><strong>Title:<\/strong> <span style=\"font-weight: 400;\">Credit Card Policy<\/span><br \/>\n<strong>Effective Date: <span style=\"font-weight: 400;\">12\/1\/2025<\/span><\/strong><br \/>\n<strong>Issuing Authority: <\/strong>Vice President and Chief Financial Officer<br \/>\n<strong>Contact: <span style=\"font-weight: 400;\">Nate Engle at engle1@stolaf.edu or 507-786-3502<\/span><\/strong><br \/>\n<strong>Last Updated:<\/strong> 11\/07\/2025<\/p>\n<h3><\/h3>\n<p><b>Purpose of Policy<\/b><\/p>\n<p><span style=\"font-weight: 400;\">St. Olaf College sponsors a Purchase Card program enabling employees to make business related purchases for goods and standard (not professional) services.\u00a0 It is a cost-effective method of paying for purchases and travel expenses. Uses of the purchase card should:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide cost savings through consolidated payments (one monthly payment made by the Business Office to card issuer versus multiple vendor payments)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce paperwork and processing time in the employee\u2019s department, as well as in the Business Office<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enhance the purchasing options available to departments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide an alternative to personal reimbursements<\/span><\/li>\n<\/ul>\n<p><b>Cardholder Responsibilities<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use the card to make purchases for College-approved business purposes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid using the card to make purchases for personal services from individuals (1099 non-employee compensation): consultants, speakers, and other personal services. These payments must be made through Accounts Payable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verify that sales tax is not charged on exempt purchases. St. Olaf is not tax exempt for purchases of prepared meals, lodging, airline tickets, rental cars, and gas.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtaining original itemized receipts or other required documentation for every transaction.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Uploading the appropriate documentation in Oracle for each transaction of $25 or greater. All transactions charged to a grant must include the appropriate documentation, even if less than $25.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Submitting an expense report within 30 days of when a credit card transaction is posted.<\/span><\/li>\n<\/ul>\n<p><b>Approver Responsibilities<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reviewing, and either approving or rejecting, expense reports within five business days (or delegating responsibilities when out of the office).<\/span><\/li>\n<\/ul>\n<h3><\/h3>\n<p><b>Required Documentation<\/b><\/p>\n<p><span style=\"font-weight: 400;\">An itemized receipt or substitute documentation must support each purchase. The receipt or substitute documentation should include the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vendor name, itemized description of the item(s) purchased, transaction amount, and date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For meals, include the names of individuals at the meal or attach a roster of names in attendance. If the list is greater than five attendees, a comment that it is for a department or applicable function can be used.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alcohol is only allowed for instances specified in the <\/span><a href=\"https:\/\/wp.stolaf.edu\/finance\/travel-policy\/\"><span style=\"font-weight: 400;\">travel policy<\/span><\/a><span style=\"font-weight: 400;\">. If alcohol is allowed, specify names and titles of individuals for which the alcohol was served and why it was allowed according to the travel policy.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the cardholder is unable to obtain sufficient documentation, a completed <\/span><a href=\"https:\/\/wp.stolaf.edu\/finance\/files\/2012\/05\/receipt_template.pdf\"><span style=\"font-weight: 400;\">Receipt Template Form<\/span><\/a><span style=\"font-weight: 400;\"> can be used to document the transaction and verify it was for official St. Olaf business. Please note, this should only be used for occasional purposes and card privileges may be revoked if used frequently.\u00a0<\/span><\/p>\n<p><b>C<\/b><b>ompliance<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Supervisors and cost center managers are responsible for monitoring potential violations, approvals and ensuring their teams are completing expense reports timely. The Business Office is responsible for monitoring potential violations, regular audits of expense reports and ensuring compliance with IRS and state regulations.<\/span><\/p>\n<p><b>Enforcement \/ Penalties<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The following enforcement will occur regarding unsubmitted expenses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After 30 days, cardholders and supervisors will be notified that expenses have not been submitted.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After 60 days, the card will be deactivated until all transactions are properly documented. Any transactions not properly documented within 60 days of when the expense was incurred will be either reduced from the cardholder\u2019s paycheck or added to the cardholder\u2019s income according to IRS regulations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once a card has been deactivated, it cannot be reinstated for a minimum period of three months after the transactions are properly documented.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If problems continue after the card is reinstated, the card will be canceled permanently at the discretion of the Controller.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The College will seek restitution for any inappropriate purchases made with the card. In certain instances of abuse, the cardholder may be subject to additional personnel disciplinary action, up to and including dismissal.<\/span><\/p>\n<h3><\/h3>\n<p><b>Related Policies<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">St. Olaf <\/span><a href=\"https:\/\/wp.stolaf.edu\/finance\/purchasing-policy\/\"><span style=\"font-weight: 400;\">Purchasing Procedures<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">St. Olaf <\/span><a href=\"https:\/\/wp.stolaf.edu\/finance\/travel-policy\/\"><span style=\"font-weight: 400;\">Travel and Business Expense Policy<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">St. Olaf <\/span><a href=\"https:\/\/wp.stolaf.edu\/business-office\/procedures-for-gift-gift-cards\/\"><span style=\"font-weight: 400;\">Gift and Gift Card Procedures<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any special requirements of projects supported by sponsored funds<\/span><\/li>\n<\/ul>\n<p><!-- begin-migrated-from-panel-builder --><!-- end-migrated-from-panel-builder --><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Title: Credit Card Policy Effective Date: 12\/1\/2025 Issuing Authority: Vice President and Chief Financial Officer Contact: Nate Engle at engle1@stolaf.edu or 507-786-3502 Last Updated: 11\/07\/2025 Purpose of Policy St. Olaf [&hellip;]<\/p>\n","protected":false},"author":4239,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1975","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/users\/4239"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/comments?post=1975"}],"version-history":[{"count":8,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1975\/revisions"}],"predecessor-version":[{"id":2016,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1975\/revisions\/2016"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/media?parent=1975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}