Policy Statement:

The purpose of this policy is to establish guidelines and procedures for the use of Procurement Cards (P-Cards), including the use of Pexcards, to facilitate authorized purchases and expenses while ensuring financial control, transparency, and accountability.

P-Card Issuance and Authorization:

• P-Cards, including Pexcards, may be issued to authorized personnel within Lakeway Christian Schools (LCS) to facilitate authorized purchases.
  
• Individuals requesting P-Cards must obtain prior approval from their respective supervisors, department heads, or budget owners.

P-Card Usage:

• P-Cards should be used primarily for making authorized purchases when suppliers do not accept Purchase Orders (POs).
• Prior to using a P-Card, cardholders must ensure they have an approved Purchase Order (PO) for the intended purchase. The vendor on the requisition should be specified as "Pexcard."
• P-Cards, including Pexcards, should rarely be used for purchases from payment systems that do not provide itemized receipts or visibility into the items purchased (e.g., PayPal, Google Wallet). If such systems are the only means of payment accepted by the supplier, detailed receipts showing final supplier and item details must be provided.

Loading Pexcards:

• For Pexcards, authorized users will initiate the process by creating a requisition with "Pexcard" as the vendor and specifying the approved purchase amount.
  
• Finance or designated personnel will centrally load the approved amount onto the card upon approval of the requisition.

Reporting and Receipts:

• Cardholders are responsible for retaining all required receipts and documentation for purchases made using P-Cards.
• Cardholders must upload receipts and transaction details to the Pexcard application or any designated expense reporting system in a timely manner as specified by the Finance Department.

Monthly Reconciliation:

• The Finance Department must perform monthly reconciliations to match receipts and transaction details with the corresponding P-Card statements.

Retraction of Unused Funds:

• When the corresponding PO is closed or the purchase is completed, any unused funds loaded onto Pexcards will be retracted centrally by the Finance Department.

Violations and Non-Compliance:

• Violations of this policy, misuse of P-Cards, or non-compliance with established procedures may result in disciplinary action and potential revocation of P-Card privileges.