Procurement Card Cardholder / Custodian Usage Agreement - Kentucky

Procurement Card Cardholder/Custodian Usage Agreement is a legal document that was released by the Kentucky Finance and Administration Cabinet - a government authority operating within Kentucky.

FAQ

Q: What is a Procurement Card?
A: A Procurement Card is a payment card issued to authorized employees to make purchases on behalf of their organization.

Q: What is the purpose of a Procurement Card Cardholder/Custodian Usage Agreement?
A: The purpose of the agreement is to outline the terms and conditions for the use of the Procurement Card by the cardholder and custodian.

Q: Who is responsible for the Procurement Card?
A: The cardholder and custodian are both responsible for the proper use and safeguarding of the Procurement Card.

Q: What are the responsibilities of the cardholder?
A: The cardholder is responsible for using the Procurement Card only for authorized purchases, maintaining supporting documentation, and adhering to the organization's policies and procedures.

Q: What are the responsibilities of the custodian?
A: The custodian is responsible for reviewing and reconciling the monthly statements, maintaining records of cardholders and their limits, and ensuring compliance with the agreement.

Q: Can the Procurement Card be used for personal purchases?
A: No, the Procurement Card should only be used for authorized business purchases.

Q: What should be done if the Procurement Card is lost or stolen?
A: The cardholder or custodian should immediately report the loss or theft to the appropriate authority and follow the organization's procedures for reporting and replacing the card.

Q: What happens if the Procurement Card is used improperly?
A: Improper use of the Procurement Card may result in disciplinary action, including termination, and could also lead to potential criminal charges.