Are You Effectively Managing Your Nonprofit's Credit Cards?

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​In the new environment of remote or hybrid work, many nonprofits are implementing or expanding the distribution of their organizations' credit cards. 
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The risk of improper or fraudulent use of an organization’s credit cards can only be mitigated by the implementation, administration and oversight of an efficient and effective credit card program. 

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Documented policies and procedures must be strictly enforced upon all cardholders, including staff at the highest levels. The procedures should be established for:

• Issuing company credit cards
• Submitting credit card charges for approval
• Approving credit card charges
• Recording credit card charges in the financial records and reconciling to the credit card statements

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5 Questions Your Nonprofit Should Ask

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​Question 1: Does your organization have a formal company Credit Card Policy?

Question 2: What are the criteria for staff to receive a credit card?

Question 3: Are credit cards being used only for valid business purposes?

​Question 4: Are credit card charges approved by a supervisor who has direct knowledge of the cardholder's job activities?

Question 5: Are all credit card charges for the month properly recorded in the financial records and reconciled prior to closing the books at month-end?

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If You Answered No to Any of These Questions I Can Help!

​Roberta Katz Consulting is working with many nonprofits in improving the operations of their finance function. Schedule a complimentary consultation today to discuss how I can provide your organization with an impartial evaluation of its finance department.

Let's Discuss How I Can Help