Dear Colleague,
As you have probably heard, our outside auditors have noted credit card compliance problems (approvals & documentation) in our audit management letter that we needed to address. New accounting standards that take effect during this fiscal year also require additional internal controls be implemented. The program has been redesigned to accommodate these changes and is effective for the January statement.
Major program changes include:
- Supervisors/budget managers will assume the approver functions.
- Cardholders complete their own credit card statement reporting whenever possible. Cardholders should have at least 1 reconciler assigned as backup.
- Reconcilers back up cardholders that are traveling, ill, on vacation, or without computer access.
- Credit card statements and receipts will be sent, audited and stored in the Business Office. Supervisors may request to see all Cardholder receipts before they are sent to the business Office to have better understanding of things happening in their area of responsibility. All material receipts should be reviewed by supervisors.
- Stepped up effort by the Business Office using email reminders and card deactivation to help cardholders avoid IRS penalties. (see stepped up enforcement link below)
As a cardholder, you will want control over the documentation of your credit card purchases to avoid stepped up enforcement consequences, which fall on the cardholder if there is a problem. Administrative Assistants across campus have shouldered much of the burden of purchase card record keeping. They are a great resource and will provide cardholder backup in most departments
Other information:- Your User ID will be confirmed by emailed
- Sign-on instructions
- For password reset call 6233, 3406, or 3659
- Step by step cardholder/reconciler instructions
- Browser information
- Stepped up enforcement
- Wells Fargo problems and how to avoid them
If you have questions, please contact Rose Brown (6233) brownro@stolaf.edu
Thank you!
