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Approval by Board and Completing the Application Packet

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

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Approval by Board and Completing the Application Packet

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  1. Approval by Board and Completing the Application Packet

  2. 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

  3. 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

  4. 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

  5. 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.

  6. 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

  7. As you carefully read the Member Account Agreement remember: YOUR DISTRICT IS THE “MEMBER”

  8. 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.

  9. 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

  10. 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

  11. MAKE SURE YOU ASK FOR ENOUGH CREDIT TO COVER AT LEAST TWO MONTHS OF CHARGES

  12. 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

  13. 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

  14. Plan for growing your p-Card program Number of cards Amount of credit allowed per card

  15. 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.

  16. If this happens more than 1 or 2 times perhaps a new contract should be executed to increase your monthly credit limit

  17. Page 2 – 8 is reading – DO IT CAREFULLY

  18. 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

  19. Page 12 Signature Page Date this page Under “member” sign by p-Card administrator #1 and administrator #2 Leave Bank of Montreal information blank

  20. Schedle 1 District full legal name and number

  21. 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

  22. Part D Information and signatures of p-Card administrator #1 and p-Card administrator #2

  23. Page 3 of Schedule 1 Sign under (member) – p-Card administrator name, etc…

  24. 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).

  25. Billing requirements choose one 5th or 20th Cardholder statement sent to program administrator, is best practice

  26. Monthly statement method* ACH Payment Or Payment by check *ACH is best practice

  27. 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

  28. YOU ARE ALMOST FINISHED

  29. 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)

  30. One for each Administrator and each Assistant

  31. Last 3 years of audited financial statements – original or copy – electronic or Website

  32. You are almost done!

  33. 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.

  34. 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.

  35. Questions And Answers

  36. Putting Together a p-Card System for My School District 2014

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