approval by board and completing the application packet
TRANSCRIPT
Approval by Board and Completing the Application Packet
There are 3 major activities to start a p-Card program I. Educating and Orientation about Payment
Cards (P-Cards)
II. Approval by Board and Completing application Packet
III. Implementing the program with employees
This power point is about Board Approval and Completing the Application
To begin:
Go to Website www.illinois-pcard.com
Click on Application Documents
Begin by printing the “Check List”
Print all 5 parts of the application
Step 1
Sample Board Resolution – Authorizing issuance of individual p-Cards. You may use this sample or draft your own
NOTE: All application documents are in pdf form – all documents must be printed then filled in with ink or typewriter. Electronic versions do not exist for legal reasons
Step 2
BMO ePurchasing Solution Master Card Program Member Account Agreement
NOTE: This document cannot be altered in any way, or it will be sent back to the district. Only fill in the blanks.
Member Account Agreement Page 1
Give complete legal name of the school district and number
Give physical address (no post office box) of the school district primary office
As you carefully read the Member Account Agreement remember:
YOUR DISTRICT IS THE “MEMBER”
Section 1.1 page 1
This section establishes the “initial”
MONTHLY LINE OF CREDIT FOR THE
SCHOOL DISTRICT
• Note: this must be at least $10,000• This is not your commitment to spend each
month.
Note About the Line of Credit
This amount represents the amount of money the Bank will lend the school district and its card holders (in total each month) by way of p-Card charges
THIS AMOUNT DOES NOT REQUIRE THE DISTRICT TO CHARGE THIS AMOUNT EACH MONTH – It only sets the maximum monthly limit that can be charged
More notes about the line of credit The Bank reserves the right to suggest
modifications (up or down) to the district, and make those changes after notification
If this limit is reached – no further charges can be made on ANY card until total payment on the account is RECEIVED for the current billing cycle
MAKE SURE YOU ASK FOR ENOUGH
CREDIT TO COVER AT LEAST TWO
MONTHS OF CHARGES
There are a variety of ways of determining
what line of credit to ask for. Go to FAQs on
the p-Card Website for suggestions
There is NO single correct or best way to determine this figure.
MAKE SURE YOU ASK FOR MUCH MORE THAN YOU THINK YOU MAY NEED. A GOOD GUIDE IS YOUR BIGGEST BACK TO BACK CHARGES IN A MONTHLY FISCAL YEAR
Plan for growing your p-Card program
Number of cards
Amount of credit allowed per card
Also keep in mind – “IF” you anticipate an abnormally high month, that in all likelihood, this could exceed your credit limit you can contact the Bank for a one time or permanent bump up.
If this happens more than 1 or 2 times perhaps a new contract should be executed to increase your monthly credit limit
Page 2 – 8 is reading – DO IT CAREFULLY
Page 10 Section 10 Notices
In section 10.2 the member is being asked for the name of the p-Card administrator/assistant and their contact information
Leave Bank of Montreal information blank
Page 12 Signature Page
Date this page
Under “member” sign by p-Card administrator #1 and administrator #2
Leave Bank of Montreal information blank
Schedle 1
District full legal name and number
Schedule I part B
The school district may choose the length of the grace period (ie…time between the monthly billing date – the 5th or the 20th)
7, 14 , 21, 27 days
Note: Rebate
Part D
Information and signatures of p-Card administrator #1 and p-Card administrator #2
Page 3 of Schedule 1
Sign under (member) – p-Card administrator name, etc…
Organizational Set up Form
Full district name and number
Grace days are 7, 14, 21, 27 days (make sure the grace days chosen will always fall before payment due date).
Billing requirements choose one 5th or 20th
Cardholder statement sent to program administrator, is best practice
Monthly statement method*
ACH Payment
Or
Payment by check
*ACH is best practice
If ACH is selected give name of Bank, routing number, account #, and name of deposit account holder
Make sure you sign and date this page
YOU ARE ALMOST FINISHED
Complete “Save the Date” form
Here you are agreeing to provide a copy of audit within 30 days of completing audit or 180 days of end of fiscal year
AUDIT (need not be official copy, can be electronic, or online, or paper)
One for each Administrator and each
Assistant
Last 3 years of audited financial statements – original
or copy – electronic or Website
You are almost done!
Package and send (ASAP) to:
See the Check List on the Application Page at www.illinois-pcard.com for where to send your application in your state.
What’s next??
On Application Documents page on the www.illinois-pcard.com Website, review the Next Steps at the end of the documents page.
Questions
And
Answers
Putting Together a p-Card System for My School District
2014