Purchasing Card Policy
St. Lawrence University's purchasing cards are VISA cards issued by M&T Bank to University employees or departments for the purpose of purchasing business related goods and services that are $1,500 or less. Purchasing cards are not be to be used for individual employee travel expenses or capital purchases. If a card is issued to a department, a departmental employee is designated as the one responsible for monitoring the use of the card and approving transactions charged to it.
Billing Cycle
On approximately the 8th of each month, M&T will notify cardholders by email that their online bill is available for review. Cardholders must log on to M&T's CentreSuite, an online system to review and approve card transactions. Cardholders will have until the 20th of the month to review and provide the description for transactions posted to their account. After that, the transactions will be downloaded to Colleague and payment issued to M&T.
On-line Approvals
Cardholders may log onto CentreSuite at any time, but must do so for each billing cycle to view the transactions posted to their card account. For each transaction, a default cost center will be listed based on the cardholder's department, but cardholders may change to a different cost center when appropriate. Object or expense codes will need to be entered. Transactions may be split among vary cost centers and object codes.
Additional information on card administration and accounting is available in the Purchasing Card Guide. Information on how to use the CentreSuite system is also available here.
Responsibilities of Cardholders and Departmental Coordinators
Purchasing cards should be stored in a safe place and the account number kept confidential. The card is not to be shared with another department. Lost or stolen cards should be reported immediately to M&T at 1-800-443-8671.
Vendors should be informed that purchases are exempt from sales tax when the purchase is made. Some merchants will only require the University's exempt organization number which is printed on the card. Some merchants however, may require a copy of the tax exemption certificate appropriate for the state in which the purchase is being made.
An original receipt must be obtained from the merchant for each transaction posted to a purchasing card. The Colleague account number to be charged should be written on the receipt and all receipts maintained for a minimum of 3 years. Personnel in the Business Office will periodically conduct purchasing card audits to ensure cards are being used and administered appropriately.
A purchasing card may be requested by completing a credit card request and forwarded to the Purchasing Office.
Purchasing cards will be revoked if cardholders do not comply with the requirements of this policy.