PRF Procurement Card Best Practices

Types of PRF Procurement Cards

PRF procurement cards were established to simplify the process of procuring goods and services related to entertainment or hospitality type expenditures.  PRF cards may be issued in either the name of an individual or to the department.  If the card is in an individual�s name, only that individual should use the card.  Cards issued to the department have a higher liability for the University and should be closely monitored.

Obtaining & Using a PRF Procurement Card

Before using PRF procurement cards, it is important to understand the guidelines for obtaining and using the cards.  Following are detailed instructions for both named and departmental cards.

Named Cards

Staff members with named cards generally retain possession of their PRF procurement cards for expenses incurred routinely during the course of business.  As charges are applied to the card, the cardholder is responsible for the following:

1. Logging each transaction on the cardholder transaction log.

2. Obtaining itemized receipts for each transaction.

3. Reviewing the monthly transaction statement to ensure that all charges are valid and receipts have been obtained.  Signing the monthly transaction statement to indicate that all charges are legitimate business charges.

4. Turning in the cardholder transaction log, itemized receipts, and signed monthly transaction statement to the reconciler at least monthly or more frequently if requested.

Departmental Cards

Departmental cards are available for those staff members who may need to procure goods or services but do not have their own named card.  Staff members may check out departmental cards if there is a valid business reason for using the card.  Before the departmental card can be checked out, each transaction should be approved.  Following are the steps needed to ensure approval:

The staff member checking out the card is responsible for the following:

1. Completing the needed information on the PRF Department Card Sign-out Sheet. 
2. Obtaining approval for use of the card before checking the card out and providing documentation of the approval for the expenditure.
3. Using the card for valid business expenses.
4. Promptly returning the card and the original itemized receipts to the business office.

The business office staff member handing out the card is responsible for the following:

1. Obtaining all needed approvals before handing out the card.  Note:  A business office authorized signer must approve each transaction before the card is released to the staff member.  Authorized signers are those individuals who have been granted signature authority on the department�s discretionary fund. 
2. Collecting the card and the original itemized receipts.  Maintaining the receipts in a safe location for future reconciliation.

Roles and Responsibilities for Reconciling PRF Procurement Card Transactions

As charges are applied to the named or departmental PRF cards, it is important that the charges are reviewed in a timely manner.  The review process requires that appropriate separation of duties be maintained.  Two individuals (a reconciler and a reviewer) must complete the process to ensure adequate oversight.  Following is a summary of the responsibilities of each individual.

The reconciler is responsible for the following:

1. The reconciler visits the web statement to review charges and either prints the statements directly from the web or downloads the statements to Excel and prints.  Next, the statements are distributed as follows:
   • Named cardholders will receive a printed statement.  The cardholder should be instructed to review the statement for accuracy, sign the statement to indicate approval, and return the signed statement, completed cardholder transaction log, and original itemized receipts to the reconciler.
   • Departmental card statements should be printed and retained by the reconciler. 
2. After the named cardholders have submitted all backup documentation, the reconciler will reconcile both the named and departmental cards.  To complete the process, the reconciler should compare the charges posted on the web statement to the PRF Department Card Sign-out Sheet, the original itemized receipts, and other backup documentation.  If there are discrepancies, the reconciler should research the problem before forwarding on to the reviewer.  As a part of the reconciliation, the reconciler will confirm all receipts and log sheet entries are allowable transactions.
3. Next, the reconciler will compare the web statement against the PRF account statements sent monthly from PRF.  This step will ensure that all charges posted to the credit card statement were also appropriately posted to the PRF account statement.
4. Last, the reconciler will forward the reconciled cardholder transaction log and the PRF account statement, along with all back-up documentation, to the reviewer.  After the reviewer returns documentation, the reconciler will file the back-up documentation for the appropriate length of time.