Cornell Corporate Card CORNELL LAW SCHOOL TUTORIAL Cornell

  • Slides: 9
Download presentation
Cornell Corporate Card CORNELL LAW SCHOOL - TUTORIAL

Cornell Corporate Card CORNELL LAW SCHOOL - TUTORIAL

Cornell Corporate Card The corporate travel card is a personal liability credit card that

Cornell Corporate Card The corporate travel card is a personal liability credit card that is used for the payment of Cornell business-related expenses only. The bill is sent directly to you as the cardholder, and you will be responsible for remitting payment directly to the financial institution (US Bank). The card has certain benefits that have been negotiated by the university. For example, there is no annual fee. Note - The cardholder's agreement with the financial institution requires that purchases and cash advances be for Cornell business-related expenses only.

Business Related Expenses Goods or services that foster or support the ongoing missions of

Business Related Expenses Goods or services that foster or support the ongoing missions of the university, which, based on University Policy 3. 14, Business Expenses, may be charged to a university account. Some examples related to business travel are transportation, lodging, and meals.

Eligibility The criteria to apply for a Cornell Corporate Card are: q Your position

Eligibility The criteria to apply for a Cornell Corporate Card are: q Your position at the university requires business travel at least once per year and/or you regularly host business meals q You have been authorized to apply for a travel card by your supervisor and your unit's business manager q You have completed an application and agreed to the financial institution's Cardholder Agreement q You have not previously held a corporate card with a balance that reached 180 days past due. Note: If you have only an occasional need to pay for business-related expenses, contact the business office, because other payment options may be available.

Authorized Users The individual named on the card is the only authorized user of

Authorized Users The individual named on the card is the only authorized user of the Corporate Card.

Payment Schedule Payments must post to US Bank by the 15 th of each

Payment Schedule Payments must post to US Bank by the 15 th of each month. Not paid by due date of first statement. § Balance is 30 days past due. § Cornell’s contract with US Bank waives the late fee. § Bank will send a payment reminder letter at 45 days past due. Not paid by due date of second statement. § Balance is now 60 days past due. § Late fee is 2. 5% of entire past due amount. § Account is suspended. § US Bank will begin collection efforts. (cont. on next page)

Payment Schedule Not paid by due date of third statement. § Balance is 90

Payment Schedule Not paid by due date of third statement. § Balance is 90 days past due § Late fee is 2. 5% of entire past due amount. § Account remains suspended. § US Bank will continue collection efforts. § The Office of Credit Card Programs will send a courtesy email reminder to cardholder copying the supervisor, Associate Dean for Administration & Finance, and UFSC Director. Continued non-payment. § Late fees continue to accrue at 2. 5% of entire past due balance each cycle. § **Once the account reaches 180 days past due, Cornell incurs a penalty equal to the amount of the balance due. § **The amount charged to Cornell will be billed to the cardholder’s unit. § Cardholder is now ineligible for any other card product offered through Cornell University’s Credit Card Programs. § US Bank continues collection efforts and will report the debt to the major credit bureaus.

Misuse of the Corporate Card Any misuse of the corporate card or failure to

Misuse of the Corporate Card Any misuse of the corporate card or failure to pay, may result in: § Suspension, permanent closure of the corporate card account. § Ineligibility for any other card product offered through Cornell’s Credit Card Programs (i. e. procurement card). § Notification of non-payment to Supervisor and Associate Dean of Administration/College Business Officer. § Penalty to Cornell - Balance at 180 days past due, billed to your Department/Unit. (You as the cardholder are still liable to US Bank for the balance). § Disciplinary action.

Questions Any questions regarding Cornell’s corporate card should be directed Diane Cross (dsr 2@cornell.

Questions Any questions regarding Cornell’s corporate card should be directed Diane Cross (dsr [email protected] edu).