Who is eligible?
Any employee receiving University benefits is eligible to apply for a card. Questions?
If you have questions or concerns, please contact:
Business Use Only
The JPMorgan corporate card is the property of the university and is intended strictly for business use. For purposes of this policy, "Business Use" refers to expenses charged against an existing university budget code. Expenses reimbursed by a third party (e.g., government agency or other entity) may be classified as "Business Use." Ongoing use of the card for expenses reimbursed by a third party must be initially approved by the Controller's Office. Such approval will be granted following one-time verification of the third party arrangement. (Please obtain "Third Party Verification
" form from Accounting Office.) It is solely the responsibility of the employee to ensure the university is reimbursed by the reporting deadline. Any expenses that are not charged against a university budget code or reimbursed by pre-approved third party, and borne by an employee are not considered business use, regardless of their purpose, and therefore is an unallowable use of the JPMorgan Chase card. Policy Reminder
The granting of a university credit card is a privilege intended to assist employees in carrying out their university responsibilities. Willful misuse of the card will result in disciplinary measures, which could include termination of employment. Please keep in mind our longstanding policies, which include: 20 day reporting deadline:
all reporting must be submitted to the Accounting Office within 20 days from the date of the monthly activity statement. Failure to do so will result in the card being suspended until receipts are submitted and/or restitution is made. For business use only:
in the event that you inadvertently use your JPMorgan Chase card for a personal charge, you are responsible for making restitution to the university immediately once the error is discovered.
Use of the JPMorgan Chase card to pay for any expenses not charged to a university budget code or reimbursed by a pre-approved third party are deemed "Personal Use," regardless of the purpose(s) for which the expenses are incurred. Personal use of the university's credit card is prohibited. Charges over university guidelines:
in situations when a charge exceeds university guidelines (e.g., meals) the cardholder will reimburse the university for the overage at the time of submission of receipts to the supervisor, attaching a brief explanation to the expense summary. Those occurrences should be avoided and infrequent.
The complete description and guidelines of our JPMorgan corporate card policy are below. We appreciate your cooperation in implementing these new procedures. Please direct any questions to Tom O’Neill
or Trish St Leger
Colgate JPMorgan Corporate Credit Card
The JPMorgan corporate credit card provides an efficient, cost-effective method for purchasing goods and services, streamlining the procurement process, and maintaining accountability and control. Use of the corporate card reduces a variety of accounting processes including small-dollar transactions, repetitive transactions, petty cash, low-dollar checks, and cash advances.
The credit card delegates small-dollar purchasing power to individual university employees. Cardholders can purchase goods and services from vendors and charge their work-related expenses directly to the appropriate university accounts (note areas of restriction below). The card can also be used to cover appropriate expenditures associated with work-related travel.
Please note the following guidelines under which you may use your purchasing card.
Using the Card
The JPMorgan credit card eliminates the need for filling out requisition forms and obtaining authorized purchase order numbers, resulting in ease of use, reduction in repetitive tasks, less paperwork, and enhanced control. The card can be presented to a vendor in person, by telephone, by fax, in mail order form, or via the web. When using your card online, be certain that the site is secure (the page where credit card information is entered should begin with https.) Whenever possible, cardholders should use Colgate’s preferred vendors.
When placing your order, you should supply the following information:
Identification as a Colgate University employee
Individual card number
Expiration date of the card
Colgate University New York State Tax-exempt status and its number (Tax Exempt #104820, located on the card).
Delivery address (Colgate University, Department name/ Ref. PCard Order, Attn: Person name, 13 Oak Drive, Hamilton, NY 13346); and
Any other information necessary to make the purchase.
Each card has the standard limits of $2,500.00 per transaction and $5,000.00 per month. Higher or lower limits may be requested through Michelle Atkinson or Sue Stanton and must be approved by the employee’s supervisor/department head. Note: The spending/credit limit is not tied to your available budget funds. The cardholder is responsible for determining whether funds are available for any transaction.
Sales Tax Exemption
The university’s NYS sales tax exemption identification number appears in the lower left-hand corner of the card. When making purchases in New York State, cardholders should indicate that Colgate is exempt from sales tax and request that sales tax be eliminated from the bill. Many merchants will honor the exemption when notified; however, they are not obligated to do so. If the exemption is not allowed, the university will honor the charge. Obtaining a NYS sales tax exemption form from the Purchasing Office before traveling is highly recommended.
The card can be used for business-related travel and miscellaneous small-dollar purchases. Cardholders now have much more flexibility to use the card for purchases that used to require a purchase order. Exceptions (restrictions) are as follows:
- No Personal Purchases: The JPMorgan corporate card is the property of the university and is designed to be used for purchases of consumable goods related to university business only. Personal use is strictly prohibited.
- No Lending or Sharing: A card may be used only by the cardholder to whom it is issued. No other person is authorized to use that card. The cardholder may make transactions on behalf of others in their department; however, the cardholder is responsible for all charges on his or her card.
- Do Not Split a Transaction: The total value of a transaction shall not exceed a cardholder’s single-purchase limit. Charges may not be split into multiple transactions/invoices in an attempt to stay within the single-purchase limit. Purchases over the established card limits require university purchase orders. Purchase requisitions must be submitted to the Purchasing Department.
The card shall not be used for the following commodities/transactions:
- Personal purchases;
- Cash advances;
- Prescription drugs and controlled substances;
- Hazardous chemicals and radioactive materials;
- Computer hardware (must be directed to ITS);
- Software (must be directed to ITS);
- Copy machines;
- Cell phones;
- Gift certificates;
- Temporary help;
- Consultants/freelancers or contractors: Individuals who are hired to perform a specific service or provide highly specialized advice or professional expertise. There are tax and insurance issues related to the transactions and payments; or
- Equipment that costs $500.00/unit or more.
Items purchased with external research grant funding must be procured in accordance with the granting agencies’ guidelines as well as the university’s accounting and control procedures. The JPMorgan credit card cannot be used as the default code for internal Colgate research grants lasting one year or less. You may inquire with the Office of Accounting & Control as to other available options.
University Contracts and Preferred Vendors
While the corporate card is a convenient method for purchasing goods, it does not signal a change in policy regarding compliance with university purchasing policy. If the desired item is available on an established university contract, it must be purchased from the contract vendor. Purchases of university-restricted items and purchases above the maximum transaction limit are to be processed in accordance with established purchasing policies and procedures.
To ensure that you will receive superior customer service and competitive prices, the university purchasing staff has identified preferred vendors for selected commodities and services. Contact the Purchasing Department for information on preferred vendors.
Monthly Statement, Receipts, and Billing Reconciliation
Recordkeeping is essential: you must retain receipts both for your protection and to substantiate the business purpose of the charge. Expenses related to travel and entertainment must follow university guidelines. In particular, original hotel bills must be submitted, meal guidelines followed, and entertainment charges must state who was entertained and for what purpose. Lunches, dinners and other entertainment conducted locally are not reimbursable business expenses. Business lunches with university colleagues must be limited and the business purpose fully explained and appropriately documented. Entertaining a candidate is appropriate. Gas receipts should only be submitted for rental and university-owned vehicles. Personal cars must use the standard mileage rate; submission of gas receipts is not allowed.
Cardholders are responsible for regular reporting of their card activity. Individual transactions are posted in Concur regularly and, when appropriate, can be allocated to other program/department budget fund/orgs. Expenses must be submitted within 20 days of the posted transaction date. Failure to submit a timely accounting of expenditures may result in the card being suspended until receipts are submitted and/or restitution made. Willful misuse of the card will result in disciplinary measures, which could include termination of employment.
Disputing a Charge
Disputed billing can result from failure to receive goods or services for which a charge was made, fraud, incorrect amounts, duplicate charges, etc.
The cardholder should contact the supplier first to resolve any outstanding issues. Notify JPMorgan Chase Customer Service at 1-800-555-5180 in case of a dispute. Contact Michelle Atkinson in the Office of Accounting and Control if any assistance is required.
Note that, by law, suppliers are not allowed to bill your card for purchases until the items have been shipped.
It is essential that the supplier be contacted for a return authorization. Items should be returned directly to the supplier by whichever means the supplier requires. Retain supporting documentation on file. The cardholder is responsible to ensure that proper credit is posted for any returned item(s).
Contact Michelle Atkinson if any assistance is required.
Immediately notify JPMorgan Chase (1-800-270-7760) and also Michelle Atkinson if the card is lost or stolen.
Termination/Cancellation of the Purchasing Card
Cards may be cancelled if a cardholder does not comply with university policies and procedures.
Misuse of the card could subject the cardholder to disciplinary action under university policy.
Third-party Reimbursement for Business-related Expenses
Expenses to be reimbursed by a third party (individuals, government, public or private entity) can be charged to the university if the expenses are for a purpose that fulfills the business purpose of the individual in carrying out their responsibilities as an employee of the university (business related). The third party verification form should be completed and forwarded to the Accounting Office for review.