Corporate Credit Card Usage and Approval Policy for Tufts

School: Southern New Hampshire University - Course: COM MISC - Subject: Accounting

Hospital-wide PolicyTitle:Corporate Credit CardUsage and Approval Issuing Department:Finance Effective Date:04/17/2017 IMPORTANT NOTICE:The official version of this policy is contained in the Policy and Procedure Manager (PPM) and may have been revised since the document was printed. I.Purpose The purpose of this policy is to establish controls around the usage and approval of the Corporate Credit Card program. II.Eligibility This policy applies to certain Tufts Medical Center, Inc. employees whom are issued a Bank of America Visa Corporate Credit Card.In general, Corporate Credit Cards are issued to a limited group of employees; primarily Senior Vice Presidents, Vice Presidents key members from the management team, and others where it is deemed necessary.The decision to issue a Corporate Credit Card to an individual other than a Vice President can be made by either the Chief Executive Officer and/or the Chief Financial Officer. III.Policy Statement This policy establishes appropriate controls over discretionary spending on the Corporate CreditCards in order to safeguard the Medical Center's assets. Tufts Medical Center, Inc. will provide authorized individuals with a Corporate Credit Card at the Medical Center's to purchase selected goods and materials and/or Medical Center's business travelexpenses. The proper name of the individual will be embossed on the credit card along with "Tufts Medical Center, Inc."The Corporate Credit Card will have no impact on your personal credit.Although the card lists an individual's name, the card is issued to Tufts Medical Center, Inc.Please remember that you are committing Tufts Medical Center funds each time you use the Corporate Credit Card.You are solely responsible for all business- related charges made to the Corporate Credit Card which has been issued to you. Intentional misuse of a Corporate Credit Card may result in disciplinary action up to and including termination. IV.General Policy Guidelines Before a Corporate Credit Card is issued to an employee, a properly completed Corporate Credit Card Application Form must be submitted to the Corporate Credit Card

2 Printed copies are for temporary reference onlyAdministrator and the cardholder must obtain approval from his/her direct supervisor. The completed application with the required signatures is submitted to the Corporate Credit Card Administrator, who will order the card from Bank of America and maintain the application in a Cardholder file.Before being issued a Corporate Credit Card, a Corporate Credit Card Agreement Form must be completed and signed by the employee. By signing the form, the employee acknowledges: Understanding of the regulations for use and protection of the Corporate Credit Card, Understanding of responsibilities in providing itemized receipts and appropriate general ledger expense coding, Understanding and acceptance of consequences for Corporate Credit Card violations. The cardholder is responsible for the card's safekeeping.The card may not be transferred to, assigned to, or used by anyone other than the designated cardholder.Bank of America or the Medical Center may, at any time, suspend or cancel the cardholder's privileges for any reason and the cardholder will surrender the credit card to his/her supervisor upon request.Use of the credit card or account by the cardholder after notice of its cancellation may be considered fraudulent and legal actions by the Medical Center or Bank of America may take place against the cardholder. V.Card and Transaction Limits Tufts Medical Center Corporate Credit Cards have standard limits as follows: Vice President - $5,000 Senior Vice President - $10,000 Others-Case by case basis, approved by the Chief Financial Officer In addition, single transactions over the limit of $4,999.99 must receive prior approval from the Chief Financial Officer. VI.Cardholder Responsibilities The Corporate Credit Card is valuable property which requires proper treatment by the cardholder to protect it from misuse by unauthorized parties.The cardholder is required to activate (as per instructions received with the card) and sign the Corporate Credit Card immediately upon receipt.The Corporate Credit Card may be used upon activation. When a new card is issued to the cardholder, it is the cardholder's responsibility to destroy the previous card and discard.If the cardholder's employment is terminated for any reason, the cardholder will give the card to his/her supervisor to destroy.