Corporate Credit Card Policy

Policy# 7.36

Effective Date: 10/06/2021

Responsible Department: Accounting

1. PURPOSE

Expenditures from UCF Foundation, Inc. (Foundation) funds may be paid using a Foundation credit card by

authorized Foundation employees or authorized president office employees. These cards are issued to

employees who incur expenses associated with fundraising activities and alumni activities including the

cultivation, solicitation, stewardship, and recognition activities related to past, present, and future donors

and associated administrative expenses. Foundation credit cards are used primarily for the disbursement of

Foundation funds for Foundation business and not for personal expenses. Substantiation of expenses must

follow Internal Revenue Service guidelines and comply with Foundation policies.

2. APPLICABILITY

This policy applies to all employees that have been issued a Foundation corporate credit card.

3. POLICY

Eligibility (Authorized Employees)

Employees in the division who incur expenses associated with fundraising or alumni relations activities and

who obtain prior, written approval from the Chief Executive Officer (CEO), Chief Operating Officer

(COO) or an Associate Vice President within the Foundation may be eligible to receive a corporate credit

card. Each Foundation Associate or Assistant Vice President may be eligible for a card associated with

expenditures required for the operations of their department and authorized individuals in the president’s

office may be provided with a card under this program. Additionally, if an employee's responsibilities

include necessary ongoing purchases on behalf of the Foundation, the COO may authorize an exception to

the eligibility requirements above and approve a card for the individual.

The Foundation will provide up to one corporate credit card to each approved employee. Any benefits

which accrue through use of the credit card will benefit the Foundation not the individual employee.

Limits

Authorized cardholders’ cards will have a maximum allowable balance of $5,000, and Assistant and

Associate Vice Presidents will have a limit of up to $10,000. The CEO has a limit of up to $20,000. The

president of the University of Central Florida (University) currently has an existing Foundation business

credit card for use and the Corporate Credit Card Program (Program) and authorized individuals in the

president’s office may be provided with a card under this Program as approved by the CEO or COO up to

limits approved by the CEO or COO.

Increases to this established maximum may be granted on a case-by-case basis by the Foundation’s COO or

Chief Financial Officer (CFO). Temporary increases in existing credit card limits for cardholders may be

approved by any Assistant Vice President or higher. Temporary increases should remain in place to cover

two billing cycles or 60 days.

Proper Use

Employees may use the corporate credit card for Foundation business-related use such as donor cultivation,

travel or other business expenses which are eligible for reimbursement in accordance with the Foundation’s

policies. Employees may not use the corporate credit card for personal expenses, for expenses other than

those incurred by the employee named on the card, or to obtain cash advances, bank checks, traveler's

checks, or electronic cash transfers.

The credit card is not to be used for personal use, however, in rare instances, if used inadvertently for a

personal charge, the cardholder should provide a personal check made payable to the Foundation for

reimbursement for the expense and include this with the expense report. Significant or recurring personal

use could result in cancellation of the credit card and/or other disciplinary actions up to and including

termination. Employees on a leave of absence or suspension may not use the corporate credit card.

Violations of this Policy

Cardholder employees who do not reconcile and submit proper expense documentation in accordance with

Foundation policies within 30 days of the statement date will be subject to having their credit card

suspended or revoked. Cardholder employees who do not reconcile and submit proper expense

documentation including business purpose for the charge within 60 days of the statement date will be

subject to disciplinary action up to and including termination of employment. Those employees who do not

reconcile and submit proper expense documentation within the 60 days of statement date will be required to

reimburse the Foundation for all incurred charges or undocumented expenses and any costs related to

the collection of the charges. COO may authorize an exception if extenuating circumstances apply.

Failure to follow Foundation policies, including the Program’s policy, may result in the revocation of the

card privileges and/or other disciplinary action up to and including termination.

In the event the Foundation is ultimately held liable for any non-reimbursable charges or other charges

made in violation of this policy, the foundation reserves the right to seek indemnification from the

employee cardholder.

Responsibilities of Cardholders

Cardholders are responsible for the following:

• Participating in Foundation training for cardholders and signing a cardholder agreement to

acknowledge the responsibilities associated with using the card.

• Following and ensuring charges are within the Foundation policies and guidelines.

• Reading and agreeing to the following certification for each expenditure request:

I hereby certify that this claim or reimbursement is true and correct; those expenses were incurred

by me related to my official duties as described; and that reimbursement will not be sought from

another source.

• Making purchases of goods or services for their departmental needs and providing required

documentation for each purchase as well as the business purpose of the transactions.

• Corporate credit card expenditures should be reconciled and submitted with scanned original

receipts and business purpose documentation in accordance with the accounts payable processing

procedures to the Foundation’s Accounts Payable (A/P) department within 10 business days of the

availability of the online monthly billing statement date. Submission deadlines for the Foundation’s

fiscal year end will be within 5 business days of June 30

online statement. The A/P department

will pay the expense reimbursement directly to the credit card company.

• Ensuring the physical security of the card and protecting the account number. The only person

authorized to use the credit card is the cardholder whose name appears on the face of the card.

Under no circumstances may a cardholder allow or share with another individual or employee

access to use his or her credit card or his or her individual access to the credit card processing

software.

• Closely monitor all transactions posted to the card to identify disputed items and contact the

merchant directly to resolve disputes and notify the A/P department and the cardholder’s

authorizer.

• Reviewing their monthly statements to ensure that all transactions listed are valid and providing

receipts.

• Immediately reporting lost/stolen or compromised cards to the A/P department, the cardholder's

authorizer, and the corporate cardholder bank.

• For improper or fraudulent charges, lost or stolen cards, notify the bank and request to suspend the

card immediately, request credit for the fraudulent charge and on first available business day notify

the A/P department.

• Ensuring charges are within the ordinary course of employee job responsibilities and are in

accordance with the approved budget. Any other charges should be discussed with the authorizer

for advance approval.

Responsibilities of Authorizers

Authorizers are the employees who are authorized in the Visa IntelliLink banking system to approve

cardholder transactions and are responsible for the following:

• Participating in Foundation training for authorizers.

• Reviewing all cardholder transactions on a regular basis and ensuring cardholders are reconciling

the individual receipts.

• Reviewing that the cardholder is tracking disputed items to ensure proper credit is received.

• Approving only charges for which they have an original receipt or other proof of purchase as well

as documentation for business purposes.

• Notifying their cardholders, authorizers, and accounting of charges that do not appear to be

legitimate.

• Making every effort to approve statements within 10 business days of the billing statement.

Submission deadlines for the Foundation’s fiscal year end will be within 5 business days of June

30th online statement.

Types of Charges Not Allowed

The following charges will not be allowed and if incurred may require reimbursement to the Foundation by

the cardholder:

• Cellular phone and cellular phone related equipment and service charges. Employees must follow

the Mobile Device Policy for reimbursement.

• Gift Certificates and Fringe Benefits to employees. See the Fringe Benefit Reporting Policy.

• Purchases of furniture and equipment unless pre-approved by an Associate Vice President.

• Please note that all charges for services requiring 1099 tax reporting, including payments for

services to individuals, will be reported according to IRS regulations regarding payment cards and

third-party network transactions. The Program provider is responsible for issuing tax documents to

vendors that accept the Visa card. The credit cardholder is not responsible for obtaining any

additional tax information from the vendor.

• Charges related to a contractual agreement (neither a deposit nor final payment) should be charged

since these types of charges should be paid directly by the A/P department to the vendor in

accordance with the terms of the contract. Exceptions related to deposits may apply to Alumni

Engagement and Annual Giving within the Foundation if circumstances arise where there is not

sufficient time to obtain legal review on an alumni event contract before a deposit is required. In

these cases, an initial deposit will be allowed on a Foundation corporate card up to 50% if the

payment is related to an alumni event contract, is refundable, and if the Associate Vice President of

Alumni Engagement and Annual Giving approves. See the General Spending Guideline from

Foundation Accounts Policy for more information. In these situations, once Legal Services and the

appropriate signer approve and signs the contract, the remaining payment may be charged to the

Foundation corporate card under the terms of the contract. Cumulative payment(s) in excess of

50% for alumni event contracts charged prior to legal review, or other exception, should be

submitted in advance for approval by the CFO or COO.

• Charges to a vendor with a conflict of interest. Example: business entity in which the employee or

any member of their immediate family (spouse, children, parents, or siblings) will benefit from a

University purchasing transaction. For complete description, see University’s Procurement Services

Procedures Manual, Conflicts of Interest and Gratuities. See also the Florida Code of Ethics for

Public Employees.

• Any other prohibited charge in accordance with Foundation policies.

Card Initiation

• A cardholder agreement must be executed by each new cardholder prior to the time the card is

issued. The authorization for the card must be approved by an Associate Vice President or Vice

President. This agreement will reference the policy and the rules and expectations for using the

Foundation’s corporate credit card. This document must be signed by the cardholder as an

agreement to adhere to the policy and rules and expectations outlined. This agreement is to be

returned to the A/P disbursement coordinator.

• Once the authorization form is received, a request for the card through the banking system will be

initiated online. Once the card is received in the mail, the employee will be notified, and a credit

card training session will be arranged.

• The bank will activate the card for initial employees; but thereafter, the employee will activate the

card and must call from their own phone number.

Cardholders who are separating from the company must reconcile all charges and provide all

documentation for charges within 5 business days of notification, but in all cases prior to the last day of

work and surrender their credit card to the authorizer.

4. CLARIFICATION

Requests for clarification of this policy should be sent to the Associate Vice President and Chief Financial

Officer.

Certified as approved by the Executive Committee of the Foundation Board of Directors on October 6,

2021.

Name: Rachel Schaefer

Title: Associate Vice President for Advancement Strategy and Chief Operating Officer

Revision History: 03/19/2013

Adoption Date:09/23/2010

Revised: 10/06/2021

History: 492

Rachel Schaefer

Digitally signed by Rachel Schaefer

Date: 2021.11.30 09:36:05 -05'00'