University of Vermont

Controls

11. AUDITS AND CONTROLS

11.1 Within UVM

To ensure the continued success of the Purchasing Card Program, it must be adhere to UVM’s internal and external audit requirements.  Periodic reviews of a cardholder’s files will be conducted by Internal Auditors, the Program Administrator, or personnel from Procurement Services.  Review of transactions will occur when the reconciliation envelopes are received in Procurement Services.

  • Your records are subject to audit by various University personnel, e.g., Internal Auditors, Police Services, the Program Administrator, Controller’s Office personnel, etc.
  • You must return the Purchasing Card to the Program Administrator upon request, transfer to another department, retirement, or termination of employment by the University.  To cancel a card, notify the Program Administration Team, cut the card in half, and return it to Procurement Services.
  • Misuse, noncompliance with the procedures contained in this "Purchasing Cardholder’s Manual," or failure to comply with any of the above responsibilities may result in permanent revocation of your Purchasing Card, notification to your manager, Police Services or Internal Audit to investigate the matter further, assignment of wages, disciplinary action up to and including termination and/or legal action.

11.2 Within Mellon Bank

The Purchasing Card is a special type of credit card. UVM has the ability to control its use in the following ways:

  • Maximum dollar amount of a single transaction - default of $4,999.99.
  • Total spending limit per cycle per cardholder - default of $25,000.00.
  • Where the Purchasing Card is used is controlled by MCC (Merchant Category Code), similar to Standard Industry Code (SIC). For example, the University has all transactions at insurance companies automatically declined by Mellon Bank at the vendor.
  • The purchasing card software can generate extensive usage reports to help manage the purchasing transactions and to help assist in understanding how UVM is using the Purchasing Cards.

These control parameters are selected by senior management and the Program Administrator for UVM.

Last modified February 12 2010 03:17 PM

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