A recent review of university procurement card transactions and a risk assessment of the Procurement Card Program have shown that the university faces a medium level of risk in the program in the areas of fraud, waste and regulatory violations.
Similar to a personal credit card but with charges billed directly to the university, the procurement card allows departments to better manage their funds and pay vendors on time, while eliminating costs associated with processing invoices and generating checks.
Prohibited transactions include personal use, travel, cash advances and gift cards. Areas susceptible for repeated risk include splitting transactions to avoid the per-transaction spending limit, not retaining receipts from all procurement card purchases and paying sales tax (UT is tax-exempt).
Please take the time to review university policy regarding the procurement card, Policy F10530 #4. For information on procurement card policy or for a card request, please contact Gena Wilson at email@example.com.