Stored Value Card Program Guidelines
Stored card values are limited to payments of $100 or less in a calendar year to an individual. Payments totaling greater than $100 should be made via check. Please see the usage guidelines below.
Business Processes
Units should establish written procedures for their participation in the program. Procedures must include:
- documentation for distribution of payment cards (see respective policies and information below)
- correction journal process to reallocate charges to appropriate expense codes/chartstrings
- file/archive process for audit purposes
For special purposes (exception approval needed):
- collection of receipts if applicable
- reconciliation of receipts to the $ used on the card
- correction journal process to reallocate charges to appropriate expense codes/chartstrings
- file/archive process for audit purposes
Documentation for Distribution of Payments
Regardless of the payment amount or method, the distribution of payments should be documented for each recipient. The documentation can be in the form of a log. This documentation should include all of the following:
- The name of the recipient
- Amount disbursed
- Date of the disbursement
- Acknowledgment of receipt of funds (i.e. signature of the recipient)
I certify to the following:
- The recipient information is accurate.
- The amount I received from this prize, award, gift or scholarship plus my participation in Northwestern University research studies (if applicable) does not exceed $100 (not including travel reimbursements) for this calendar year
- Acknowledgment of distribution (i.e. signature from the responsible administrator)
Retention
Stored value card documentation and records must be maintained by the unit for 7+ years. Please consult the University's Retention Guidelines.