The College has an agreement with J.P. Morgan Chase to provide credit cards to faculty and staff who regularly make purchases or travel on behalf of the College. To apply for a Colby College Corporate credit card, please complete the Colby Procurement Cardholder Responsibilities and Procedures Agreement linked below, then email it to [email protected].

Colby Procurement Cardholder Responsibilities and Procedures Agreement v. November 2022


Colby Procurement Card


TRAVEL

Colby Procurement credit cards are used for Colby travelers who incur frequent, reimbursable travel/entertainment expenses while on official College business. Travelers issued a Colby Procurement Card should use it for airfare, hotels, restaurants, rental cars, or other travel/entertainment expenses. Travelers still have the option to use personal payment forms for travel/entertainment expenses other than a Colby Procurement Card, which is not mandatory for Colby travel. 

PURCHASING GOODS AND SERVICES

Colby Procurement Cards are also used by Colby faculty and staff that purchase goods/entertainment on behalf of the College for College use. Typical users are administrative assistants, executive assistants, and other purchasing agents of the College.


The Colby Procurement Card should not be used for personal expenses.  If the card is used for personal expenses, contact the Program Administrator at 207.859.4125 or email [email protected] to arrange for reimbursement of these expenses. This misuse of the card can also result in the loss of card privileges or termination from the College.


OVERVIEW

The Colby Procurement Card program has been established to provide a convenient means with which to make purchases, and, at the same time, reduce the costs associated with initiating and paying for those purchases. The Colby Procurement Card is the preferred form of payment for invoices and purchases for those suppliers/merchants that accept Visa. The authorized cardholder is able to purchase directly on behalf of Colby, thereby allowing tax-exempt use within Maine. Colby tax exemption information can be found at: https://www.colby.edu/financialservices/administrative/tax-exempt-information/.

Transactions made with a Colby Procurement Card are approved or declined at the point of sale based on the spending limit per transaction, spending limit per 30-day cycle, daily transaction limit, and approved VISA Merchant Category Code (MCC).

Charges for purchases made with the Colby Procurement Card will be electronically posted to Workday.  The length of time between transactions and posting to Workday depends upon merchant submittal, typically 3 to 5 business days.

The Colby Procurement Card is a Colby liability and not a personal liability card. Colby funds are committed whenever the procurement card is used. Transactions are paid by Colby to the bank.

Purchases must be for the use and benefit of Colby. The procurement card is not to be used for personal transactions even if the intent is to reimburse the college.

Each Colby Procurement Card is issued to a named individual. The person to whom the card is issued is responsible for protecting the card and is accountable for all purchases made with the card. Fraudulent use of the card will result in disciplinary action, up to and including termination of employment.

The Colby Procurement Card Administrator, Colby internal auditor, and external auditors will perform periodic reviews, surveys and audits. These actions provide a review of the program’s performance, assurance that the required documentation is maintained, and feedback to improve the program.

CARDHOLDER RESPONSIBILITIES

The Colby Procurement card is to be used for college related purchases ONLY.  Personal use of the card is not allowed regardless of the intent to reimburse the College. No personal use of any kind is permitted. Fraudulent or intentional misuse will result in the termination of card privileges and disciplinary action, up to and including immediate termination of employment. The College reserves the right to pursue all legal remedies available to it with respect to inappropriate card usage. The College further reserves the right to revoke cardholder privileges at any time and without notice.

  1. The card and card number are to be kept secure at all times. The person to whom the card is issued is responsible for protecting the card and is accountable for all purchases made with the card. If card is lost or stolen, immediately contact Purchasing at x4125 or [email protected]. If you are unable to reach Purchasing, please contact Accounts Payable x4126 or x4128 or [email protected]. All receipts, statements and other documentation related to card usage are College property and the College reserves the right to audit all records related to card usage.
  2. Computer related purchases must be discussed with ITS prior to purchase.
  3. Charges must be reviewed in Workday every 3 to 5 days.  If you notice an invalid charge, please immediately contact JP Morgan Chase using the number on the back of your card to verify the recent transactions on the account. Please also notify Purchasing at [email protected].
  4. To keep budget expenditures up-to-date, charges should be verified within Workday within 14 days of the posted date in Workday. If additional time is required, Colby procurement cardholders are, at the latest, required to reconcile all expenses before month’s end. Failure to comply in the given time frame will result in expenses seen as taxable income to the traveler, or termination of the corporate card.
  5. In Workday, charges must be verified individually. Charges should not be combined or grouped into one verification. If charges are grouped into one verification, the verification may be cancelled so that the charges can be individually processed.
  6. Regardless of the transaction amount, every transaction must have an accompanying itemized invoice or receipt (not a statement) attached in Workday showing the detail of what was purchased.
  7. All purchases should have a note stating the business-related reason or purpose for the item(s).
  8. Cardholders are responsible for verifying all credit card transactions within Workday prior to his/her permanent departure from Colby.
  9. Improper use of the card and/or non-compliance with all related responsibilities and procedures will result in loss of card privileges and may result in disciplinary action.
  10. The College strives to purchase environmentally friendly products, so please keep this in mind when buying products with your card.

TERMINATION OF PARTICIPATION

Colby and J.P. Morgan have the right to cancel any corporate card in accordance with the delinquency provisions of the contract or other credit card abuses. Employees must immediately return the corporate card to Colby’s program administrator upon notice of cancellation. Colby’s program administrator can be reached at x4125 or [email protected]

Faculty and staff who are issued a procurement card are required to promptly notify the Colby Program Administrator or a Human Resource officer of the College upon termination of employment, or if it is deemed that the procurement card is no longer needed.