A.
Purpose of Procurement Card
- utilize
electronic commerce.
- eliminate
prepayment checks for vendors who will not ship without
prior payment
- obtain
additional discounts for prepayments.
B.
Vendor
J.P.
Morgan Chase (JPMC) has been selected as the vendor to
provide procurement card services to the Research Foundation.
C.
Definitions
Aggregate
Charge Limit - Total individual cardholder charge
limit of $10,000.00
Cardholder
- The RF Principal Investigators or a person designated
by the Principal Investigator. Cardholders must be authorized
by their assigned Project Administrator to utilize the
Procurement Card.
Monthly
Spending Limit - The maximum total dollar limit per
month for each cardholder ($10,000.00 same as card
limit).
Single
Transaction Limit -
The maximum total dollar limit available on the Procurement
Card for any one transaction ($5,000.00).
A transaction includes the purchase price plus freight
or any other additional charges.
Transaction
Log - A monthly log recording all purchases made against
the Procurement card can be used to reconcile expenditures
with the monthly statement. (This log optional, not required.)
A.
Cardholders - The cardholder is responsible for following
all Procurement Card policies and procedures, security of
the card, selection of reputable vendors, and monthly reconciliation
of expenses against the JPMC statement. The cardholder may
use the card only for authorized purchases that do not exceed
the Single Transaction Limit of $5,000.00 and that
do not exceed the Monthly Spending Limit of $10,000.00.
Cardholders must complete a training session and sign the
Cardholder Procurement Card Agreement below before receiving
a card.
B.
Program Administrator/Assistant Program Administrator-
The administrators are knowledgeable about all policies,
procedures, guidelines and forms related to the Procurement
Card program. The administrators are designated to handle
questions and problems that may arise and have a direct
relationship with the J.P. Morgan Chase representative assigned
to TAMRF's account. The administrators provide training
to all new cardholders, and processes the deactivation of
cards as necessary. Teresa O'Brien, Purchasing Agent is
the Program Administrator. Teresa can be reached at 979-845-8453,
e-mail at tam@rf-mail.tamu.edu.
Kelly Kildare is teh Assistant Program Administrator. Kelly
can be reached at 979-458-4321 or e-mail at kkildare@rf-mail.tamu.edu.
You can fax information to 979-862-3250.
C.
Security Procedures - The cardholder is responsible
for the security of the card and will keep the card in a
safe place at all times. The account number is to be guarded
carefully and not posted in a work area, left in a conspicuous
place or otherwise disclosed in such a manner as to compromise
the security of the account number. Cardholders must use
discretion when ordering to ensure that only reputable vendors
are selected to receive the card number. When using the
card for ordering over the Internet, cardholders must verify
that the vendor states their web site has secure ordering.
J.P.
Morgan Chase is to be immediately notified if the card has
been lost, stolen or otherwise comprised. The cardholder
should call J.P. Morgan Chase (1-800-492-4920) to report
the card missing. After notification to J.P. Morgan Chase,
the cardholder will notify Teresa O'Brien (979-845-8453)
or Kelly Kildare (979-458-4321)that the card was reported
missing.
D.
Card Termination - The Procurement card will be canceled
upon notification of project completion by the Research
Administrator. The Assistant Program Administrator will
contact J.P. Morgan Chase to cancel the card. The card will
be destroyed and disposed of. The Research Foundation may
terminate the procurement card use of any cardholder at
any time for any or no reason.
A.
Obtaining a Procurement Card
- Call
or e-mail your Project Administrator to obtain a Request
for Procurement Card form or access the form through the
RF website under forms.
- Submit
completed form to your Project Administrator.
- Your
Project Administer will approve the issuance of the procurement
card and forward your application to the Program Administrator.
- The
Assistant Program Administrator will request issuance
of the procurement card from J.P. Morgan Chase (Requires
2 to 3 weeks)
- The
Assistant Program Administrator will schedule your Procurement
Card training class (about one hour).
- Upon
completion of training, you must sign the Cardholder Procurement
Card Agreement (see below) and pick up your procurement
card in person.
B.
Procedures for Placing Orders
- The
cardholder will determine which individual orders, in
accordance with the stated purpose of the card, can best
be handled by using the Procurement Card.
- All
RF purchasing policies and procedures must be followed
when using the Procurement card.
- TAMRF
is tax exempt. Vendors should be informed of this when
placing an order. If a vendor requires a copy of the Project
Foundation's tax exempt certificate, please contact Teresa
O'Brien at 979-845-8453.
C.
Receiving of Ordered Merchandise
- The
cardholder is responsible to verify that ordered merchandise
is received and correctly charged to the card. Additionally
the cardholder is responsible to follow up with vendors
to resolve delivery problems, discrepancies and/or damaged
goods. (Discrepancies should be promptly reported to the
Assistant Program Administrator. A copy of the charge
slip, sales receipt or any other information related to
the purchase must be kept for use when reconciling the
JPMC monthly statement with the transaction log.
- Invoices
with no amount due are the best documentation since they
itemize the purchases. A vendor's entry system usually
prints an automatic invoice with the processed order.
Instruct the vendor to send the invoice with your merchandise.
This can serve as your back up paperwork for the purchase
and assist in reconciling the monthly statement.
D.
Reconciling Procedures
- Every
month JPMC will send a JPMC monthly statement to each
cardholder. Upon receipt of the statement, the cardholder
will match each transaction to the statement or monthly
transaction log. The approved statement or if used,
an approved transaction log with attached receipts must
be forwarded to the RF within 5 days from receipt of statement.
- The
RF will verify all required signatures, adequate description,
pricing and allowability when paperwork is received. If
there are any issues, the Assistant Program Administrator
or Project Administrator will contact the cardholder.
All
cardholders will be required to sign the following statement
before receiving a card:
I
hereby acknowledge receipt of a Texas A&M Research
Foundation Visa Procurement Card. As a Cardholder, I agree
to comply with the terms and conditions of this Agreement
and the Procurement Card Policies and Procedures.
I
acknowledge that I have read and understand the terms
and conditions of this Agreement and the Procurement Card
Policies and Procedures. I agree to use this Procurement
card for Research Foundation approved purchases only and
agree not to charge unallowable expenses to the Procurement
Card account. I understand that the Research Foundation
will audit the use of this card and report any discrepancies.
I
further understand that improper use of this Procurement
card may result in revocation of my card privileges. I
agree to promptly repay the Research Foundation any amounts
owed by me as a result of improper use of the Procurement
Card even if I am no longer employed by The Texas A&M
University System.
I
understand that the card is the property of the Research
Foundation and the Research Foundation may terminate my
right to use this Procurement card at any time for any
reason. I agree to return the Procurement card to Texas
A&M Research Foundation immediately upon request or
upon termination of my employment The Texas A&M University
System or if I no longer work on the project.
| Cardholder: |
_______________________ |
VisaCard
#_________________ |
|
Printed
name |
|
|
_______________________ |
|
|
Signature/date |
|
|
|
|
______________________________________
TAMRF Program Administrator's signature/date
PLEASE
ENDORSE YOUR CARD IMMEDIATELY.
