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Bank of America Card Update

Bank of America Card Update. March 17, 2017. History and Statistics. BOA Travel Card Program Rollout FY14 - July 2013 University Wide Program to automate and improve travel reporting 56% of active cards were issued in FY14 Majority of Cards held by staff

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Bank of America Card Update

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  1. Bank of America Card Update March 17, 2017

  2. History and Statistics • BOA Travel Card Program • Rollout FY14 - July 2013 • University Wide Program to automate and improve travel reporting • 56% of active cards were issued in FY14 • Majority of Cards held by staff • Do those Staff members travel or entertain?

  3. Why are we talking about this? • FY17 Comprehensive Audit includes Departmental BOA cards: • * Identify all Active Cardholders on File • * Review card activity- when opened and last used • * Review Card Limits • * Determine need for card and if it should be canceled • Clarify Card Use, Abuse and Compliance with Travel Policy #2367 Payment Options • Strengthen Internal Controls & Mitigate Future Risk • Your Role in the Process

  4. Purpose and Use of Travel Card

  5. F&A Actions • Strengthen Internal Controls & Mitigate Risk: • Educate cardholders on appropriate use of card • Collaborate with Penn Card Administration on card reconciliation, reporting and training program. The goal: proactively identify infrequent use, misuse and delinquency analysis. • Review of 364 active cards has already begun with the FY17 Audit. Currently 29 cards have not been used within the past year. Unnecessary and unused cards will deactivated. • New guidelines for new card application and issuance: demonstrated need for faculty/staff with travel or entertainment needs only.

  6. BA Role • Your Important Role as Approvers: • Review and reinforce appropriate card usage within the Concur Travel system • Identify misuse of the card, educate cardholder, and alert F&A. • When a non-reimbursable expenses exceeds $300.00 within Concur, include F&A (Maureen McGinness) as a user added approver. • Notify F&A when an employee has resigned that is a current cardholder • Recommend cards be deactivated if not needed • When in doubt, please contact us (me and Erika)!

  7. Thank You!

  8. BA Role • Hyperlink References: • Penn Travel Card • Purchasing Services Card Programs • Commodity Matrix • Travel Policy 2367 Payment Options

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