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