Purchasing Card Program
The University of Memphis Purchasing Card Program has been established to provide University employees with a convenient means to make legitimate business purchases and, at the same time, reduce the costs associated with initiating and paying for those purchases. Use of the Purchasing Card for small dollar purchases less than $5,000 consolidates paperwork and helps facilitate vendor payment. The VISA cards are issued by Regions Bank.
- Procurement and Contract Services is responsible for managing the Purchasing Card Program. For assistance, contact the Procurement Specialist at 901.678.3673.
- Cardholders are responsible for utilizing sound business decisions in making small-dollar purchases for University use, checking all transactions against supporting documentation to verify accuracy and propriety, and safeguarding the purchasing card and the associated account number in a secure location at all times.
- Card administrators are responsible for verifying that all charges against the cardholder's account are substantiated by supporting documentation, reallocation of charges are made to department FOAP/account codes, and the documentation is retained within the department for audit purposes.
- Card reviewers are responsible for the final independent review and approval of purchasing card statements and receipts; reviewing, signing, and dating the cardholder's monthly statements; and forwarding the statement and supporting documentation to the card administrator to retain for audit purposes.
- All purchases made with the purchasing card must be for official University business in accordance with University policies and procedures and must NEVER be used for personal purchases.
- The purchasing card cannot be used if the purchase requires a signed contract or agreement (See University's Contracts and Signatory Authority Policy).
- The University prohibits the use of the purchasing card with out-of-country vendors.
- Regions Bank transmits purchasing card statements to cardholders via a secure Internet site.
- Charges are accumulated monthly and charged to "default" FOAP (Fund, Org, Account, Program) account codes and data is transmitted to the Banner Financial System.
- If the purchasing card is lost, stolen, or damaged, cardholder must notify Regions' Bank immediately at 1.888.934.1087. Then, notify the Procurement Specialist as soon as possible.
- All documentation pertaining to purchasing card transactions shall be available for review and audit by Procurement and Contract Services, Internal Audit, State/Federal Audit and Legal Counsel.
- A cardholder who makes an unauthorized purchase or uses the purchasing card in an inappropriate manner will be subject to disciplinary action including possible termination of employment at the University and criminal prosecution.