BUSINESS CREDIT CARDS POLICY

Purpose

This policy provides guidance and governs the use of Business credit cards and clearing cards.

Scope

The policy applies to all Turfbreed employees with Business credit cards.

Eligibility

A new credit card application can only be approved by the Managing Director

Designated employees are eligible to be issued with only one Business credit card at a time. To be eligible for a Business credit card, an employee must meet one of the following criteria:

•  Incur frequent expenses for the purchase of goods and services or
• Travel frequently in the course of his/ her duties

Limits

The Business credit card issued to Turfbreed employees will be limited to:

Any item above $1000 needs approval from your Supervisor.

Conditions of Use

The Business credit card cannot be used to obtain cash advances. The Business credit card is to be used for business (purchase of goods and services), travel and entertainment expenses associated with official Turfbreed business activities only. Business credit card expenses must be properly documented, with the Turfbreed related purpose identified, and the documentation must be acquitted by the end of each month, to ensure payments to the card are on time.

Cardholders are only able to use Business credit card on repetitive procurement if authorised by the Managing Director prior to purchases.

Cardholders must not use their Business credit cards for:

• personal expenditure as this is not acceptable under any circumstances
• capital expenditure over $300 unless prior approval from the Managing Director
• contractor payments
• repetitive procurement that is not authorised
• payment of fines
• cash advances, over-the-counter cash withdrawals, ATM transactions or the purchase of bank cheques, travellers’ cheques or foreign currency

Cardholder transactions will be scrutinised to ensure compliance with this policy. Breaches of the conditions of this Policy will result in cancellation of the card and withdrawal of Business credit card privileges. Breaching of this policy can lead to disciplinary action against the employee concerned. In all cases of misuse, Turfbreed reserves the right to recover any monies from the cardholder.

Cardholders must ensure that their Business credit card is acquitted by the last day of the month. Where possible expenditure is to be uploaded into receipts bank as and when they occur. Submission is either photo of the receipt uploaded into receipt bank with description of expense or emailed to receipt bank.

Turfbreed Admin will provide a statement of unacquitted credit card items to the card holder approaching month end.

Cardholders must ensure that their Business credit card is maintained in a secure manner to prevent loss, theft or misuse and that they do not store their full credit card number and expiry date anywhere. The Finance team reserves the right to suspend a Business credit card should a cardholder fail to acquit the card in a timely fashion, repeatedly fail to provide tax invoices to support acquittal or act in contravention of any part of this policy.

The Admin team reviews all credit card transactions on a monthly basis and raises any queries. If a cardholder does not complete and submit their credit card expenses, tax invoices and expense description, the following procedures will take place:

The first misdemeanour the cardholders fails to submit complete credit card expense details along with all tax invoices on time, a reminder email will be issued and hope that this will not occur again;

• If a second misdemeanour occurs within a period of 6 months; the cardholders card will be suspended immediately
• If the card is suspended the cardholder will need to reapply with an explanation and sign a declaration form that will not occur again

Cardholders Responsibility

The card holder is responsible for monitoring the accumulative balance of the credit card to ensure the balance is not exceeded.
Credit card holders are responsible for ensuring any credit card expenditure is within their authority as stipulated in this policy.

Procedure

Obtaining a Turfbreed Business Credit Card

1. The applicant completes an application for a Business credit card form and gets it signed by the relevant Application Approver
2. The applicants send the application to the Admin Team
3. The team checks the monthly delegation of the applicant and forwards the request to the bank
4. The team emails the applicant to advise of the issuance of a Business credit card

Lost or Stolen Business Credit Card

Where a business credit card is lost or stolen, the owner of the card must immediately contact the issuing agency and have the card cancelled. Then the owner of this card is to notify the Admin team. The Finance team also needs to contact the issuing agency and ensure the card is cancelled.

Returning a Business Credit Card

1. If leaving the business, a cardholder must return their Business credit card to the relevant person in the business. This will then be cancelled
2. The Business credit card will be cancelled by the Admin team on the date of termination of employment