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Contents

 

About This FAM

Responsible Agency: Office of the Comptroller General
Issued: Aug 1988
Last Updated: Aug 1988

1. Policy

Only VISA, MASTERCARD and AMERICAN EXPRESS credit cards facilities may be used.
 

2. Directives

2.1 Only VISA, MASTERCARD and AMERICAN EXPRESS credit cards facilities may be used.
2.2 No credit card arrangements may be made which require a discount sales fee in excess of 4% of sales.
2.3 All expenses of credit cards, whether in the form of a discount charged by a card company, initiation, maintenance or equipment fees must be recorded as expenditures to their respective programs.
2.4 Cash disbursements against credit cards are specifically prohibited under any circumstances.
2.5 Credit card vouchers must be deposited into existing bank accounts. Approval to accept credit cards does not constitute approval to open new bank accounts.
2.6

Requests for approval to accept credit cards must be made to the Comptroller General. Requests must identify:

  1. the reasons that a credit card facility is required;
  2. the bank account to which credit card vouchers will be deposited;
  3. custodial arrangements for credit card vouchers and equipment; and
  4. the positions responsible for verifying credit card statements, reconciling credit card entries on bank statements and approving sales return and credit entries.
2.7 The Comptroller General shall have sole authority to approve credit card arrangements and to sign credit card agreements.
2.8 The Comptroller General may terminate any credit card agreement without notice.