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 affect during this fiscal year are also requiring additional internal controls be implemented. The program has been redesigned 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 Cardholder receipts before they are sent to the business Office to have better understanding of purchases 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 link below)

As a supervisor, your approval of expenditures is very important in assuring expenditures are within budget, resources are focused on achieving our short-term and long term objectives and funds are never used for personal items.

We encourage all supervisors/approvers to review receipts before sending them to the Business Office in order to get a better feel for the transactions in your area. That said, the system will allow you to perform all your approver responsibilities on line from any where in the world where you have access to a computer by simply examining each cardholder’s statement and hitting “approval complete.” You can ask that another person be set up as an alternate approver. The down side for that individual would be many automatic emails.

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, Administrative Assistants in each department are a great resource and can get you started. The Purchase Card Coordinator is available for assistance (6233 or 3792) except during the above scheduled training.

Other information:

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

Thank you!