This policy will be revised when needed and reviewed in detail at least annually by the TIAA Treasurer for consistency between policy and current practice.
Overview
The intent of this Policy is to establish the process for a TIAA credit card including guidelines for usage, approval, review and audit.
History
The credit card was acquired in July 2020 through the Texans Credit Union and established under the umbrella of the TIAA checking account in the name of the TIAA Treasurer with signature authority granted to the TIAA Administrator (hereafter referred to a "Admin"). The TIAA Treasurer is the credit card facilitator.
Credit Limit
The credit limit will be set at $3,000.00. Any increase in the credit limit will need to be approved by the TIAA Executive Committee and TIAA Treasurer.
Usage
There is one credit card which is for the exclusive use of the Admin and is to be used only when it is not feasible to make a TIAA purchase by check.
Credit Card Process
The Admin will be authorized to use the card for TIAA purchases up to $500.00. For TIAA purchases in excess of $500.00, the Admin will obtain prior approval from the TIAA Treasurer since in most cases these purchases will have been pre-approved by the appropriate TIAA Committee Chair. When a charge in excess of $500.00 is required during a TIAA activity (e.g., tickets at the door), the Admin will request prior approval in advance for the approximate amount expected. In the case of non-Committee items in excess of $500.00 (e.g., office supplies), the Admin will obtain prior approval from the TIAA Treasurer. Emails may be used for seeking and documenting approvals. If prior approval is not possible, the Admin will notify the TIAA Treasurer via email within 24 hours after the expenditure.
The Admin will retain a file for the credit card receipts and the accompanying backup (e.g., computer print-out, sales slip, etc.) in a locked file cabinet. The credit card receipts and back-up will be matched to the credit card statements when available.
Reconciliation/Check Request
The credit card statement will be mailed to the Admin. Within one week of the credit card statement arrival, the Admin will generate a check request form listing each charge with the appropriate account and description (e.g., tickets, bus driver’s lunch, paper, envelopes, etc). For each item, the appropriate receipt(s) and backup will be attached. The TIAA Treasurer will audit and ensure all charges are appropriate (matching prior approvals in excess of $500) and the proper account has been applied. The check request form with a copy of the credit card statement and receipts will be sent to the TIAA Accountant, an employee of Falgout & Associates, P.C., and the total credit card balance will be paid each month prior to the due date. The originals of all the submitted material will be retained by the Admin in a locked file cabinet.
Monitoring Accuracy
The TIAA Treasurer has the account number and password to allow access to the online credit card account. The TIAA Treasurer has the primary responsibility for periodically reviewing the account to ensure charges are appropriate . Neither the TIAA Falgout accountant nor the Admin will have on-line access to the credit card account. The TIAA Treasurer has the responsibility of periodically changing the account password.
Updated by Shyamal Parikh on September 1, 2020
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