Manage a P-Card
At VCU, managing the P-card is vital because it directly impacts the university's compliance with state mandates and its specialized operational status. Managing a VCU P-card involves rigorous security practices and clearly defined procedures for maintenance, suspension, and termination to protect university funds.
Additional guidance and information:
Proper P-card management supports VCU’s standards of financial accountability. And, cardholders, reviewers and the VCU Corporate Card Team all have a role to play.
Card maintenance and changes
General maintenance is handled through the Corporate Card Team.
- Requesting changes: Any modifications to an existing card (e.g., limit changes) must be initiated by the cardholder's Authorized Reviewer via email.
- Annual training: Cardholders and reviewers must complete mandatory P-card training in Canvas every calendar year to keep the account active.
Safety and security best practices
To prevent fraud and data breaches, cardholders must follow strict physical and digital safety rules.
- Storage: Keep the card in a secure location at all times. Do not post the account number in conspicuous places.
- Information security: NEVER fax, mail, or email the full 16-digit card number.
- Restricted access: The P-card is for the cardholder's use only. Do not share or loan the card to coworkers or supervisors.
- Lost or stolen cards: Immediately notify Bank of America and the Corporate Card Team if a card is missing.
- Chip usage: Always use chip-enabled terminals at the point of sale whenever possible to increase transaction security.
Terminating or canceling a P-Card
Cards must be formally canceled if a cardholder changes departments or leaves VCU employment.
- Request cancellation: Email the Corporate Card Administration Team prior to your separation date to request closure.
- Physical card: Return or destroy the physical card immediately upon request or termination of employment, including retirement.
- Mandatory review: All open cards must be routinely evaluated by departments to ensure they remain essential and are used at least once per year.
Suspending a P-Card
Card privileges and system access can be suspended for up to three months or permanently revoked for policy infractions.
- Grounds for suspension: Common triggers include card sharing, failure to reconcile online on time, missing original documentation, or emailing full card numbers.
- Non-usage: If a card will not be needed for an extended period, you should proactively request a temporary suspension rather than leaving it active and unused.
- Audit issues: Failure to respond to compliance or audit requests is also a ground for suspension.
Repercussions for improper management
Failure to properly manage a P-card leads to consequences ranging from individual discipline to institutional loss of authority.
Individual Repercussions
- Privilege revocation: Access to the RealSource system or P-card privileges can be suspended or permanently revoked, sometimes even for a first offense.
- Personal liability: If a cardholder makes a purchase that is not in accordance with policy, they may be held personally and legally responsible for the financial commitment.
- Disciplinary action: Deliberate or recurring noncompliance is cause for disciplinary action up to and including termination of employment.
- Criminal charges: Serious offenses, such as fraud, can lead to felony charges.
Departmental and Institutional Repercussions
- Loss of authority: A department that fails to comply with policies may have its departmental procurement authority revoked by University Purchasing.
- Increased oversight: Widespread mismanagement could lead to more restrictive spending limits or the requirement for additional approval layers for all transactions.