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Bank of America Card Update: March 17, 2017 - Strengthening Internal Controls & Mitigating Risk

Explore the history and statistics of the BOA Travel Card program, focusing on the FY14 rollout and the ongoing FY17 Comprehensive Audit. Discover the proactive measures to identify and address infrequent use, misuse, and delinquency, along with new guidelines for card issuance. Understand your role as an approver, including reinforcing proper card usage and notifying F&A of key developments. Hyperlinks to relevant resources are provided for easy reference. Strengthen internal controls and mitigate risks effectively with these insights.

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Bank of America Card Update: March 17, 2017 - Strengthening Internal Controls & Mitigating Risk

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  1. Bank of America Card Update March 17, 2017

  2. History and Statistics • BOA Travel Card Program • Rollout FY14 - July 2013 • University Wide Program to automate and improve travel reporting • 56% of active cards were issued in FY14 • Majority of Cards held by staff • Do those Staff members travel or entertain?

  3. Why are we talking about this? • FY17 Comprehensive Audit includes Departmental BOA cards: • * Identify all Active Cardholders on File • * Review card activity- when opened and last used • * Review Card Limits • * Determine need for card and if it should be canceled • Clarify Card Use, Abuse and Compliance with Travel Policy #2367 Payment Options • Strengthen Internal Controls & Mitigate Future Risk • Your Role in the Process

  4. Purpose and Use of Travel Card

  5. F&A Actions • Strengthen Internal Controls & Mitigate Risk: • Educate cardholders on appropriate use of card • Collaborate with Penn Card Administration on card reconciliation, reporting and training program. The goal: proactively identify infrequent use, misuse and delinquency analysis. • Review of 364 active cards has already begun with the FY17 Audit. Currently 29 cards have not been used within the past year. Unnecessary and unused cards will deactivated. • New guidelines for new card application and issuance: demonstrated need for faculty/staff with travel or entertainment needs only.

  6. BA Role • Your Important Role as Approvers: • Review and reinforce appropriate card usage within the Concur Travel system • Identify misuse of the card, educate cardholder, and alert F&A. • When a non-reimbursable expenses exceeds $300.00 within Concur, include F&A (Maureen McGinness) as a user added approver. • Notify F&A when an employee has resigned that is a current cardholder • Recommend cards be deactivated if not needed • When in doubt, please contact us (me and Erika)!

  7. Thank You!

  8. BA Role • Hyperlink References: • Penn Travel Card • Purchasing Services Card Programs • Commodity Matrix • Travel Policy 2367 Payment Options

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