Definition

6.1 Budget Authority:
The person who is responsible for funds in a particular accounting unit. The Budget Authority designates an individual as a Cardholder and delegates authority to a Cardholder to make charges.

6.2 Cardholder:
The person who has been issued a credit card and is authorized to make purchases in accordance with these procedures.

6.3 Default Account:
Accounting unit, account, sub-account, and activity (if required) assigned to an individual Cardholder's Purchasing Card. Only one default account can be assigned to any one Purchasing Card.

6.4 Electronic PaymentNet Statement:
Statement available on PaymentNet Web site of all charges posted to a Cardholder's account during previous billing cycle.

6.5 Hierarchy:
The PaymentNetTM system for assigning levels of access/security to information: review of charges, approval of charges, and reporting capabilities.

6.6 JP Morgan Chase, Inc.:
Banking institution with which the College has contracted to supply the VISA card and Web-based payment system.

6.7 PaymentNetTM:
Web-based software used by Cardholders to review, approve, dispute, and reallocate account charges.

6.8 Purchasing Card:
A VISA credit card issued to a person for the purpose of making authorized purchases on the College's behalf.

6.9 Purchasing Card Administrator:
The person at Mount Holyoke College who is responsible for program details, including Cardholder inquiries.

6.10 Reconciler:
Person(s) assigned to reconcile a Cardholder's charges through the month. A Cardholder may be her/his own Reconciler and a Reconciler may manage more than one Cardholder account. A Reconciler may or may not be a Cardholder.

6.11 Supplier:
Company from which a Cardholder is purchasing goods under the provisions of these procedures.

6.12 Transaction/Charge Limit:
Transaction and dollar amount limit assigned to the Cardholder for each total charge made with the Purchasing Card.