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:

  1. Supervisors/budget managers will assume the approver functions.
  2. Cardholders complete their own credit card statement reporting whenever possible. Cardholders should have at least 1 reconciler assigned as backup.
  3. Reconcilers back up cardholders that are traveling, ill, on vacation, or without computer access.
  4. 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.
  5. 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

Orientation and one-on-one computer lab help sessions have been set up for the following times:

Cardholders & Reconcilers - 9:00 am

Approvers - 10:00 am

  • Wed morning, Jan 30 in Valhalla
  • Thurs morning, Jan31 in BC 144
  • Fri morning, Feb 1 in Valhalla
  • Mon morning, Feb 4 in Valhalla

Computer lab - One-on-one help - 1:00-3:00 pm

  • in Library 477 lab (each day listed above)

 

Continental Breakfast will be offered. If you are unable to attend, a seasoned Administrative Assistant in your area can get you started. The Purchase Card Coordinator is available for assistance (6233 or 3792) except during the above scheduled training.

Other information:

I you have questions, please contact Martha Erickson (6233) ericksm@stolaf.edu or RaeAnn Vizina (3792) Vizina@stolaf.edu.

Thank you!