Printed on November 20, 2017, 8:56 am
Business and Finance Policies
TCATs, Community Colleges, Universities, System Office
The purpose of this procurement card policy is to provide parameters for proper procurement card usage, and to promote compliance with Tennessee Board of Regents (TBR) Policies and Guidelines.
- Institution – means any of the universities, community colleges, colleges of applied technology and System Office departments within the Tennessee Board of Regents.
- Procurement Card or PCard - means a commercial card that allows institutions to take advantage of the existing credit card infrastructure to make electronic payments for goods or services. A PCard is similar to a consumer credit card, but the card- using institution must pay the card issuer in full each month. In this Policy, the term “Procurement Card” or “PCard” shall also include “Virtual/Ghost Procurement Cards” or “Virtual PCards” as the context requires.
- System Office – the administrative offices of the Tennessee Board of Regents.
- The authority to approve procurements of goods and services is delineated in TBR Policy 1-03-02-10.
- General Procurement Card Policies
- Procurement Generally
- PCards are to be used only for authorized official institutional business. Employee participation in a PCard program is considered a privilege and may be revoked at any time for abuse, inappropriate/fraudulent use, or for program mismanagement.
- Procurements of goods or services shall be in compliance with all applicable federal and state requirements and TBR Policies and Guidelines.
- A complete record shall be maintained on each procurement transaction in order to provide a clear audit trail.
- Procurement Card Guideline
- The Office of Business and Finance, in conjunction with the Council of Buyers shall maintain a procurement card guideline, which may be in electronic format, setting forth all processes and procedures for procurement card purchases to ensure that all transactions are in compliance with federal and state laws, regulations, and all applicable TBR Policies and Guidelines. All Institutional procurement card purchases shall be in compliance with the TBR Procurement Card Guideline B-125. Each Institution shall maintain procurement card procedures, which may be in electronic format, setting forth any procedures of the Institution in addition to or necessary to comply with this Policy.
- The Chancellor or designee may approve exceptions to the requirements of this Policy in appropriate cases.
NEW Policy approved by Board September 15, 2016