The University of Vermont is pleased to provide
the UVM Purchasing
Card for Faculty, Staff and Graduate Student employees. This
purchasing tool will
allow you to acquire the goods you use, and eliminate the need for out
of pocket expenses.
A Purchasing Card is a payment mechanism designed to help companies and institutions maintain control, while reducing the administrative cost associated with authorizing, tracking, paying, and reconciling small purchases.
To the end user, or purchaser, the Purchasing Card works just like an ordinary credit card. The UVM Purchasing Card is a MasterCard Corporate Purchasing Card issued by Mellon Bank of Pittsburgh, PA.
Each card is assigned to a default chart string, which can be a regular departmental, grant or contract account. Purchases can be reallocated from the default chart string and/or account to another chart string/account with appropriate authority.
On a monthly basis, all cardholders or other designated employees must reconcile their card purchases to a monthly statement from the bank. Documentation is forwarded to Procurement Services for review and archival storage.
Procurement Services pays the bank in full, on a monthly basis, for all transactions that have occurred during the billing cycle.
The Purchasing Card should be used for all purchases under $4,999.99 where the vendor accepts MasterCard. The following is a short list of examples of items that can be bought with a Purchasing card:
Here's the bottom line;
It's FAST because you don't need to generate a Purchase Order Requisition, so you're saving time and money on processing costs.
It's EASY because all you have
to do is present the
Purchasing Card or give the Purchasing Card number to the merchant over
the phone, and
your order will be placed and paid for within the vendors terms.
It's CONVENIENT because you may carry the card with you, and you don't need to use your own money for departmental needs and expenses, then be reimbursed.
A Purchasing Card is a credit card for UVM faculty and staff to use for University business only.
UVM Purchasing Cards have default limits of $4,999.99 per transaction and $25,000 per cycle. Cards are initially assigned a default chart string and account. The account is 64099 for PurCard Transactions. For a given transaction, however, chart string and account can be changed and charges split among several chart strings if so desired, using the reallocation process. Instead of paying numerous individual invoices to various vendors, UVM makes one consolidated payment to Mellon Bank each month.
For the Purchasing Card to have its most beneficial impact on the way UVM conducts its purchasing and payment processes, we have designed it so that the purchasing authority is up-front. Essentially, the cardholder is delegated the authority (by management or their supervisor) to purchase certain goods and services. Transactions are reviewed by the cardholder (if they have been delegated that authority by their management), or by a designated employee and reconciled against a monthly statement from Mellon Bank.