XII. Company Credit Card Usage

POLICY: Capital One Company Credit Card

PURPOSE: The company will issue company credit cards to certain employees for use in their jobs; this policy sets out the acceptable and unacceptable uses of such credit cards. Use of company-issued credit cards is a privilege, not a right, which the Company may withdraw in the event of serious or repeated abuse. Our motto at C&C is, “Spend it like it is your own money.” Meaning if you owned the company and it was your money, would you purchase what you are about to purchase. Due to previous abuse, strict oversight will be used on credit cards. Offense should not be taken when scrutiny is placed on items you purchase. Remember, we inspect what we expect.

USERS: As deemed appropriate by the Vice President of Operations. (Senior Manager level or higher)

PROCEDURE: It is a general policy of C&C that the following guidelines are followed:

1. All Company credit card purchases should be solely for company benefit and use.
2. Employees with such credit cards shall not use them for any non-business, non-essential purpose, i.e., for any personal purchase or any other transaction that is not authorized or needed to carry out their duties.
3. Employees must pay for personal purchases (i.e., transactions for the benefit of anyone or anything other than the Company) with their own funds or personal credit cards.
4. All receipts should be kept, pictures uploaded to Expensify, and coded to appropriate cost code immediately.
5. Upon request, card holders should submit accurately coded Expensify reports for all credit card purchases within specified time frame and for requested report totals. Note: All personal reimbursement Expensify reports should be submitted alongside Capital One reports to ensure there are not duplicate expense submissions.
6. All credit card purchases greater than $300 for food, meals, incidentals, etc. must be pre-approved by your manager or Human Resources. Purchases for food, meals, etc. should only be an expense used by office staff on a case by case basis.
7. Single credit card purchases greater than $2,000 for construction materials directly or indirectly utilized for the project should be approved prior to purchase by the Vice President of Operations. NOTE: purchaser may not “split” a transaction to meet $1,999 purchase maximum.
8. Any single purchase $5,000 or higher shall be made by the Vice President of Operations.
   

Credit card privilege may suspended or revoked at the discretion of the President or Vice President of Operations for the following (but not limited to) violations:

1. Any negligent misuse of the company credit card.
2. Repeated failure to provide receipts for expenses.
3. Repeated failure to submit and correctly code Capital One expense reports on time to Accounting.
4. Failure to request permission for special purchases as outlined above.
   

Please Note: Receipts are REQUIRED for all expenses submitted for reimbursement and/or paid for with the company’s Capital One Card. Any expense that does not meet the guidelines stated above or in the Employee Handbook will be rejected and may be subject to repayment from the employee’s payroll.

In addition to financial responsibility and liability, any purchases an employee makes with a company credit card in violation of this policy will result in disciplinary action, up to and possibly including termination of employment, depending upon the severity and repeat nature of the offense.