Credit Card Policies

DMSE ProCard Sweep Policy

This policy establishes a DMSE-specific process for ensuring compliance with MIT’s Procurement Card Policy by addressing Cardholder noncompliance with MIT Procurement Card (or “ProCard) transaction detail/documentation submission requirements.

SCOPE

MIT’s Procurement Card Policy requires cardholders to provide purchase details/documentation to the ProCard verifier within 21 days of the purchase. Transactions that are not verified after 21 days are automatically swept to a DMSE headquarters account. All swept transactions must be transferred to an appropriate cost object and G/L after the required details/documentation is submitted to the verifier.

POLICY STATEMENT

Cardholders with 3 or more swept ProCard transactions will not be authorized to use the ProCard until the detail/documentation for all purchases on that card have been submitted by the cardholder and validated by the ProCard verifier. Cardholders will still be able to pay for purchases out of pocket and submit a request for reimbursement using the eRFP online tool.

RESPONSIBILITIES

Per MIT Policy, it is the responsibility of the cardholder to provide details/documentation for each purchase made with the ProCard within 21 days. In order to make it easier for the cardholder to submit detail/documentation, the finance office will provide an online tool that will allow cardholders to review all ProCard transactions online and complete the required detail and upload the required documentation. The online tool will enable cardholders to monitor the status of ProCard transactions, and will provide weekly email notifications to cardholders and administrative assistants.

If a ProCard is placed on hold, the cardholder is responsible for contacting the verifier to report the successful submission of all details/documentation required to release the ProCard hold.

It is the responsibility of the ProCard verifier to contact MIT’s Procurement Office to request the release of the ProCard hold once they have reviewed the documentation for compliance.

RELATED MIT POLICY

4.06c Cardholder Responsibility