Corporate Credit Card

The following is the policy for obtaining a corporate credit card and guidelines for its use:
The type of credit card obtained and the number of authorized cardholders/signers for the account, will be determined jointly by the Library Director and the Financial Director. The criteria for choosing the card will be acceptability, annual fees, monthly payment terms and interest charge terms. Rebates or accumulation of points will be a secondary concern.

The authorized cardholder(s) are to retain sole possession of the card(s). Unauthorized use or misuse of the card(s) is the personal responsibility of the cardholder(s). Personal use is an unauthorized use of the card(s).

The use of the corporate credit card is to facilitate purchasing books on-line, paying for seminar and travel costs, buying supplies in bulk at certain buying clubs and those other library related purposes jointly approved by the Library Director and Financial Director.

Except when circumstances would deem otherwise, the account balance of the corporate card should be paid in full when the monthly statement is received. Incurring interest charges should be avoided.

When the monthly statement is received, the charges must be reviewed and approved following the library expense approval policy. The individual expenses must be allocated to the proper expense categories for bookkeeping and accounting purposes.

All charge receipts must be retained and attached to the monthly statement when it is received. The same documentation necessary for the issuance of a check, is also necessary for the use of the credit card. Both the credit card receipts and the necessary documentation must be attached to the statement before payment can be approved.

Policy Adopted: May 24, 2000

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