With business back and a busy fall upon the university, FMS refreshed resources to support managing and monitoring access to the PCard and TCard. While these cards are convenient purchasing methods for departments, it is vital to monitor their use to mitigate risk to the university and support good financial stewardship.
Clarified Policy Pages
In September, FMS updated the Purchasing Card (PCard) and Travel Card (TCard) policy pages to clarify Stanford’s current policies about cardholder misuse, cardholder fraud, and the consequences of misuse or fraud.
What is the difference between cardholder misuse and cardholder fraud? Cardholder misuse is defined as using a PCard or TCard for purchases that do not comply with Stanford’s PCard or TCard policy and other university policies and procedures. Cardholder fraud is defined as intentionally using a PCard or TCard for financial or personal gain. The consequences for cardholder misuse or fraud can range from card suspension to termination of employment or other actions.
Why was this information clarified? Participation in the PCard or TCard program is considered a privilege that carries the responsibility to ensure the appropriate use and stewardship of university funds. PCard or TCard purchases that do not follow university policy can create financial, compliance, operational and reputational risk for the university, including exposing the university to tax, audit, safety and compliance issues.
Updates to SU Credit Card Custodian Report
To support these existing policies, the SU Credit Card Custodian Report has been enhanced to include the employment status of the verifier and cardholder/custodian. New report fields include:
- Card status (enabling reporting on closed or suspended cards)
- SUNet IDs for custodians and verifiers
- Job status of custodians and verifiers
- Verifier’s start and end date (useful if the verifier changed on a card)
- Notes (e.g., identify if the card replaced another card)
- Budget unit
- Inactive date of closed cards
Improved selection criteria make it much easier to answer a range of business questions about PCards and TCards. Managers of cardholders should monitor this report and take appropriate action, such as suspending cards for employees who are on leave and closing cards for employees who no longer work at Stanford, to reduce risk to the university. These actions can be performed in the Credit Card Profiles Change Request tool; please submit a Card Services support request for questions or assistance.