The Procurement Card
Types of Procurement Cards
The University offers these choices in Procurement Cards:
CU Procurement Card
The standard revolving card, in which the cycle limit is refreshed monthly, on the 25th of each month.
Managed Spend Card
A non-revolving card with a finite credit limit and defined ending date.
Obtaining a Procurement Card
To obtain a Procurement Card, fill out the Cardholder Application and fax to PSC Commercial Card Administration. You may also need to complete the Approving Official Application/Update if the Approving Official is not currently serving as an AO to other Cardholder(s).
The applicant should receive his or her Procurement Card within 10 business days after passing the following online courses: Procurement Card Cardholder training, Fiscal Code of Ethics training, and Procurement - Purchasing and Contract Management training.
Card Controls and Liability
Controls on the Card
Each Procurement Card is set up with the following control parameters:
Each Card has a SpeedType - identifying a general or auxiliary or development fund - associated with the Cardholder's department.
Maximum dollar amount per transaction
The department determines the maximum dollar amount that each Cardholder can spend in a single transaction. The maximum per-transaction limit allowed for any Procurement Card is $5,000.
The department determines the maximum dollar amount that can be spent by each Cardholder during a cycle (or during the entire period of a Managed Spend Card). The cycle begins on the 25th of the month and ends on the 24th of the following month.
Card Expiration date
Used for the Managed Spend Card to indicate when the card expires. The Managed Spend Card is not renewed if the expiration date has elapsed.
Merchant Category Codes
Each Procurement Card is further set up to exclude specific Merchant Category Codes (airlines, vehicle rental agencies, liquor stores, gas stations, etc.).
The department is liable for all charges made on Procurement Cards assigned to their Cardholders.
Charges on Lost or Stolen Cards.
The department is liable for all transactions made on a lost or stolen card before it is reported lost or stolen to the issuing bank. Fraudulent charges should be disputed - the bank will make an effort to recoup those charges and credit back the cardholder.
Sponsored Project Charges.
The department is liable for all transactions reallocated to sponsored project funds, including any charges that are unallowable according to the terms of the specific grant/award.
Appropriate Use of the Card
These are the questions that should be considered before making a purchase:
- Is the purchase appropriate for the University and does it have a valid business purpose?
- Is the purchase allowable on the Procurement Card?
- Does the purchase follow sponsored project guidelines (if applicable)?
Is the purchase appropriate for the University and does it have a valid business purpose?
The purchase should meet the Tests of Propriety. Particular attention should be paid to the following items:
- Official Functions
- Expenditures for alcoholic beverages
- Break Room equipment
- Employee appreciation events and gifts
- Employee food and related consumables
- Flowers and fruit baskets
- Gifts or tokens
- Fund raising expenses
- Employee recruitment
- Political expenses
- Retirement parties
- Tickets to events
Is the purchase allowable on the Procurement Card?
There are several types of purchases that are specifically prohibited on the Procurement Card. See Violations and Prohibited Transactions, later in this section.
Does the purchase follow sponsored project guidelines (if applicable)?
The purchase of goods and services for sponsored projects must comply with:
- The overall intent of the award;
- The specific detail of the sponsor's regulations; and,
- University of Colorado policies and procedures.
Additional guidance for sponsored project expenditures is provided by the appropriate campus sponsored project and accounting offices.