Finance Card Compliance

Overview

The University of Mary Washington (UMW) Finance Cards are credit cards that can be used by members of the UMW community to pay for certain items that are not allowed on the Small Purchase Charge Card (SPCC) such as: business meals, student/team travel, agency fund expenditures, etc. In addition, for the purposes of team travel and student clubs and organizations, the Cards greatly reduce reimbursements and eliminate most cash advances.

Annual Exemption

UMW must obtain an annual exemption from the Department of Accounts (DOA) in order to have the UMW Finance Cards. UMW must apply for the exemption each year, and the exemption is approved based on the representations made by UMW management. In order to maintain the exemption, UMW must follow the CAPP Manual when regulating the use of the cards. Audits can be made at any time by one of several different Commonwealth of Virginia agencies, the UMW Internal Auditor or members of the Finance Department. Please see UMW Finance Card Procedures for further information.

Finance Card Golden Rules:

Each department or individual that holds a Finance Card is responsible for documenting and keeping current departmental or individual specific procedures, sending updates to Finance.
The department or individual will keep all Finance Cards in a secure location.
Finance Cards will not be used for personal purchases, or for payment of personal bills.
Cell phone purchases or cell phone bill payments are prohibited regardless of business need or use.
Full credit card details (ie. credit card number) are prohibited from being written on any document or photocopied. Credit card details will not be faxed, emailed, or mailed.
Employees will not disclose Finance Card details to an unauthorized individual.
An employee who holds a UMW Finance Card in his/her name will NOT allow anyone else to use that UMW Finance Card. For further guidance, refer to the UMW Finance Card Employee Agreement. This agreement must be completed annually for all end users. Study Abroad users must sign this agreement annually.
The student or employee who checks out a generic departmental card is responsible for all charges on the card during the time the card is checked out in his/her name and will not allow anyone else to use that UMW Finance Card.
Detailed itemized receipts are required for all transactions.
Faculty and Staff, with cash advance privileges on their card, are prohibited from depositing the funds into a non UMW official off campus bank account (whether domestic or abroad) for their program.

Reviews

To ensure the University remains in compliance with the Commonwealth’s regulations outlined in the CAPP Manual, and to continue to receive the annual exemption, the Finance Card documentation is reviewed monthly for compliance. The purpose of the review process is to ensure that the cards are being used in a manner which has been approved by University management, and the Department of Accounts (CAPP Manual). Statements with all corresponding paperwork will be sent monthly to Accounts Payable by the established due date for document retention purposes. The files are reviewed monthly for compliance by Accounts Payable, and the Assistant Controller – Compliance.

If a cardholder is found non-compliant, they will be re-reviewed in two billing cycles. The Finance department is responsible for issuing written warnings or imposing suspensions. For more information on inappropriate card use or other infraction consequences, see the Finance Card Violations and Consequences Procedure.

For more information on the Finance Card program, visit the Accounts Payable website.