VSO Credit Card Information and Policies

These policies are subject to change without notification at any time at the discretion of the ASSU accounting staff.

The VSO must be in good standing and not have any prior CC violations.

From the VSO’s 2800 checking account and/or a reserve account, the amount of the requested credit limit will be held in a credit card holding account. The VSO cannot access these funds while the group has an active credit card

The card is issued in the name of the FO. Use by other group members is allowed but the FO is ultimately responsible and will be held accountable for all actions associated with the card. This includes ensuring ALL purchases fall within the funding guidelines and submitting receipts on time.

If the FO changes during the year, please notify Heather Kirton (hkirton@sse.stanford.edu) immediately so the card can be canceled. The new FO can then apply for a card in their name. This includes if the FO is going abroad for one quarter.

The credit card billing period begins on the 1st and ends on the last day of every month.

At the end of each month, a billing statement will be available via GrantEd. You will receive an email that a GrantEd credit card payment request must be completed. You will have 10 days from that date to submit your GrantEd request with receipts. After 10 days your GrantEd account will automatically lock and you will only be able to clear advance payments and submit your credit card request. Your credit card will also be put on hold so that you cannot use it.

All credit card GrantEd requests must be approved by the VSO’s President and are not considered fully submitted until that is done.

Complete submissions must include itemized/detailed receipts for each line item (charge) listed on the credit card billing statement. For example, all restaurant charges must include the list of items ordered and the tip should be written on the receipt if it is not included in the total.

One late or incomplete submission will result in

i) a hold on your credit card

ii) a lock on your GrantEd account

A second late or incomplete submission will result in revocation of the card and a one-year (four academic quarters) period during which the group is not able to obtain or use a credit card.

Up to two lost receipts - under $75 - may be excused per year. Upon the third lost receipt, the card will be canceled.

A lost receipt over $75 must be reimbursed to SSE. The 2800 account can be used if the group agrees. Otherwise, personal funds must be used. One lost receipt over $75 will result in the cancellation of the credit card.

More than two personal charges on the card will result in cancellation.

No gift card purchases are allowed.

Prizes and gifts over $100 in value per recipient must be itemized on a separate list to include recipient names and amounts given. IRS W-9 forms from the recipient must be submitted to the ASSU accounting staff.

Any SWAG purchases must not exceed a value of $100 per individual. Any amount in excess of that will require a W9 from the recipient.

No payments via Venmo, Zelle, PayPal (personal), or any other person-to-person method.

If a group does not have enough funds to cover their monthly expenses, the balance will be taken from the credit card holding account and the card will be canceled.

In the event of an inadvertent personal / non-group purchase, the balance arising from this purchase must be cleared by making a deposit of the same amount to the VSO’s account before the GrantEd submission deadline.

FOs assume full financial liability and responsibility for use of VSO funds. By accepting a VSO credit card, the FO extends that liability and responsibility to all spending on the card. All charges on the credit card are subject to VSO spending guidelines. FOs are personally financially responsible for reimbursing the VSO for any credit card purchases not approved by the VSO’s secondary officer (president).

Credit cards will automatically be canceled each year unless

i) the group notifies us that they have a valid reason for keeping the card active over the summer; AND

ii) the FO for the previous academic year will be continuing as FO for the next academic year.

FOs assume full financial liability and responsibility for use of VSO funds. By accepting a VSO credit card, the FO extends that liability and responsibility to all spending on the card. All charges on the credit card are subject to VSO spending guidelines. FOs are personally financially responsible for reimbursing the VSO for any credit card purchases not approved by the VSO’s secondary officer (president).

FOs will not be liable for fraudulent charges but are responsible for notifying the credit card bank of any fraud. The number to use is located on the back of your credit card. Credit cards will not affect the FO’s personal credit rating.

If you suspect there are fraudulent charges on the card or it is lost, stolen or you otherwise need to cancel it, please call the bank first then contact Heather Kirton (hkirton@sse.stanford.edu).

If you have trouble submitting a credit card payment request on time, you must e-mail Heather Kirton (hkirton@sse.stanford.edu) before the statement is due.

If you have any questions please contact Heather or O’Neal Patrick (opatrick@sse.stanford.edu).