Program Description

Babson College has entered into an agreement with Bank of America that provides qualified employees with a Purchasing Card to purchase selected materials and services (including shipping and handling). Using the Purchasing Card benefits Babson and the Cardholder through:

• Promptly paying our suppliers
• Reducing overall processing costs
• Decentralizing small dollar purchasing responsibility

The policies contained in this agreement must be followed by Cardholders as guidelines for conducting Babson College business. Policy violations will result in revocation of Cardholder privileges and possible disciplinary action.

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Purchasing Card Administration - Obtaining a PCard

Employees of the College, as designated by Human Resources, may be permitted to receive a purchasing card. Purchasing cards are requested from the bank by the Purchasing department after the cardholder and the supervisor have completed the Procurement Card Application.  Once the Purchasing card is received the cardholder must complete the Procurement Card Agreement Form.

Ownership and Cancellation of the Purchasing Card

The Purchasing Card remains the property of Bank of America. It may not be transferred to, assigned to, or used by anyone other than the assigned cardholder. Bank of America or Babson College may suspend or cancel cardholder privileges at any time for any reason. The cardholder will surrender the Purchasing Card upon request of Babson College or any authorized agent of Bank of America. Use of the Purchasing Card or account after notice of its cancellation may be fraudulent and may cause Bank of America to take legal action against you. To cancel the card, the card should be cut in half and forwarded to the Purchasing department.

Renewal Cards

A renewal purchasing card will be sent to the Purchasing department prior to the expiration date of the card. The card will in turn be forwarded to the cardholder.

Lost or Stolen Purchasing Credit Cards

It is the responsibility of the cardholder to immediately report a lost or stolen purchasing card to the purchasing department. If you are unable to speak with someone directly (do not leave a Voice Mail) in the Purchasing department, use Bank of Americas toll free number (1-888-449-2273). If it is necessary to contact Bank of America directly, the cardholder is still responsible for notifying the Purchasing department. Babson College is liable for all transactions until the card is reported lost or stolen.

Purchasing Card Security

Sign the card immediately upon receipt. Make sure the Purchasing card is returned to you after each charge. Carbon sheets should be retained or destroyed. The Purchasing Card can only be used by the individual whose name appears on the card. Cards and card numbers must be safeguarded against use by unauthorized individuals within or outside the College.

Spending Limits

Each Purchasing Card has a pre-set spending limit which may not be exceeded under any circumstances. The Purchasing Card should be used whenever possible for charging materials and services that do not require a purchase order. NO PERSONAL EXPENSES ARE TO BE CHARGED TO THE PURCHASING CARD.

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Misusing the Babson Purchasing Card

The Babson College Purchasing Card represents the College’s trust in you and your empowerment as a responsible employee of the College to safeguard and protect our assets. As a cardholder, you assume the responsibility for the protection and proper use of the purchasing card. The following situations are a few examples of “misuses” of the purchasing card:

• Using the purchasing card for personal expenses
• Assignment or transfer of an individual car to an unauthorized person
• Failure to maintain proper records in accordance with the guidelines
• Card use in direct violation of acquisition goals (ex: failure to use the purchasing card for commodities available through preferred suppliers)

Based upon the severity of misuse, disciplinary measures may include a written warning, termination, and legal action.

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Ordering Process

The purchasing card may be used to purchase goods or services by phone, by mail, on-line or in person at the supplier site. When placing your order, please be sure to provide the vendor the following information:

• Indicate that this is a credit card purchase
• Give the vendor the tax-exempt id # (04-2103544) on the card. This number must be given to the vendor in order to exempt payment of state sales tax.
• Cardholder name, credit card number, expiration date
• If goods are being shipped, instruct the supplier to mark the outside of the package with your name, building, and the words “Purchasing Card,” to expedite internal delivery.
• If the supplier requests a PO#, you should use PCARD as the PO#.

It is the cardholder’s responsibility to ensure receipt of materials and services and to follow-up with the supplier to resolve any delivery problems, discrepancies and damaged goods.

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Purchasing Card Accounting Information

“Charge-to” Information

All Purchasing Card transactions will be charged to the Great Plains account number appropriate for the cardholder's department. All travel transactions will default to object code 6501. All transactions will appear in Breago and on a monthly detailed bank statement sent to each cardholder from Bank of America. To reallocate Purchasing Card expenses to different accounts, please submit a journal entry request to the Financial Services Office. 

Receipts

It is the cardholder’s responsibility to obtain transaction receipts from the supplier each time the Purchasing Card is used. Upon receipt of monthly cost allocation reports, the cardholder will compare sales receipts to the report. Reconciled reports, with attached receipts will be sent to the Purchasing Department each month. This information will be on file in the Purchasing Department or if requested will be returned to the cardholder.

Disputed Items

It is the cardholder’s responsibility to follow-up on any erroneous charges, returns or adjustments and to ensure proper credit be applied on subsequent statements. The cardholder will contact the supplier first to resolve any outstanding issues, (most exceptions can be resolved this way). If the cardholder is unable to reach agreement with the supplier, the next step is to contact the Purchasing department. The Purchasing department may ask the cardholder to complete a dispute form. The completed form will be sent via fax or mail to Bank of America. Bank of America must be notified of any disputed item within 60 days of transaction date for the disputed item. Disputed billing can result from a failure to receive goods and services charged, fraud or misuse, altered charges, defective merchandise, incorrect amounts shipped, duplicate charges, credits not processed, etc.

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