Procurement Credit Card
The purpose of the UW Oshkosh Procurement Credit Card Program is to establish an efficient cost-effective method of purchasing and paying for small dollar transactions (under $5,000) within established guidelines. The program is designed to replace low dollar, best judgement and blanket purchase orders.
New Purchasing Card Policy
Effective immediately, all U.S. Bank Statements/Purchasing Card Logs must be reviewed and signed by cardholders and supervisors within one month after the Statement Date. Once reviewed and signed, the U.S. Bank Statements/Purchasing Card Logs should be retained by the cardholders.
Reminder: The Purchasing Card billing cycle is biweekly. At the end of each billing cycle, each cardholder will receive a U.S. Bank Statement in the mail, provided at least one purchase has been made during the billing cycle.
Business Purpose Policy
A brief business purpose statement is required for each purchase on the State of Wisconsin Purchase Card effective Nov. 1, 2014. Include sufficient information that supervisors and auditors will clearly understand how the expense benefits UW Oshkosh. This may include titles of events and/or project information.
If the Purchase Card Log Envelope or a similar log spreadsheet is used, a business purpose statement needs to be added to the section labeled “Items Purchased.” For others that do not use the Purchase Card Log Envelopes or the spreadsheet tracking method a Business Purpose is required on the receipt itself or a separate paper which is attached to the receipt. The receipt needs sufficient information that clearly states a description of the product purchased.
When the Purchase Card Log Envelope method is used to document the business purpose, then cardholders and supervisor’s signatures are required when the log is filled completely out.
If the receipt or spreadsheet method is used to document the business purpose, then cardholders and supervisor’s signatures are required every billing cycle on the purchase card statement.
Cardholder’s and supervisor’s signatures on the statement, log or spreadsheet simply states all transactions have reviewed, reconciled and agree that all charges are for UW Oshkosh business purposes only.