Concordia College

Purchase Cards

Concordia is participating in a pilot phase of the WellsOne Commercial Card program through Wells Fargo. The program is governed by a Master Agreement between the college and Wells Fargo.

Purchase Cards are issued individually and only the person whose name is on the card may use the card. Also, your P Card will be tailored to your specific needs, minimizing the potential for abuse if your card is lost or stolen. As with any company purchase, the card is not to be used for any product, service or with any merchant considered to be inappropriate for college funds. Failure to comply may result in disciplinary action, cancellation of your card privileges and possible termination of employment.

Gain a better understanding of the P Card program by reading the general guidelines, reconcilement and payment plans, tax exempt status information and frequently asked questions. Or you can watch the P Card PowerPoint presentation.

Purchase Cards Benefits to Concordia

• Allows authorized college personnel to obtain goods and services quickly and easily
• Typically requires no purchasing approvals or requisition forms prior to purchase
• Significantly reduces paperwork and processing time
• Provides cost savings through consolidated payment (one monthly payment to the card issuer versus multiple checks to vendors)
• Improves supplier relations due to faster payment, i.e. card issuer pays suppliers in three days
• Provides consolidated data for supplier management, future negotiations and program management
• Provides improved controls over accounting and purchasing
• Facilitates monitoring to ensure compliance with Concordia purchasing policies

Purchase Card Benefits to Suppliers and Vendors

• Improves cash flow as payment is received in three business days or less
• Eliminates after-sale invoicing and collection activities which reduces transaction costs
• No additional applications or paperwork is necessary if supplier/vendor is already a VISA merchant
• No waiting for credit approval

Purchase Card Policies and Procedures
All of the college’s accounts payable policies and procedures still apply and include: All purchases are the property of the college and must be delivered to the college’s address. For entertainment purposes, you must document who, what, why, when and where to comply with IRS regulations. For year-end purchases, your item must be received on campus by April 30.

Prohibited Purchase Card Uses
You are not allowed to use your Purchase Card for personal purchases or personal services from individuals (1099 non-employee compensation), including consultants and speakers. These payments must be requested using a Concordia check request form and a properly completed IRS W-9 form.

Forms:

• Concordia College P-Card User Agreemen
• Concordia College P-Card Request/Maintenance Form
• Wells Fargo Bank Purchasing Card Dispute Form
• Declaration of Forgery or Unauthorized Use

Contact:
Diane Gaffed
Purchase Card Administrator
218.299.4477