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Blog

Are You Effectively Managing Your Nonprofit's Credit Cards?

7/28/2022

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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. 

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

5 Questions Your Nonprofit Should Ask


​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?

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
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Copyright © 2021 Roberta Katz Consulting

Roberta Katz Consulting
61-43 186th Street, Suite 606
​ Fresh Meadows, NY 11365 
Phone: (917) 359-1158
Email: robertapkatz@gmail.com
​Website: www.rpkatzconsulting.com

  • Home
  • About
  • Webinars
  • Services
  • Articles
  • eBooks
  • Blog
  • COVID-19
    • Covid-19 & The Importance of Finance
    • Covid-19 & Fraud Risk Mitigation
    • Covid-19 & Financial Reporting
    • Covid-19 Technology & Working Remotely
  • Contact
  • Privacy Statement