Title
Office of Sponsored Programs - 500.17, Procedure 1 - Prepaid Card Request & Reconciliation
Corresponding with:
Purpose
This procedure details the steps to request and reconcile prepaid cards related to a sponsored project. The Office of Sponsored Programs (OSP) is responsible for all sponsored project-related prepaid card approvals.
The UNC Finance Division (Finance) procedures should be followed for requesting and reconciling prepaid cards for non-sponsored activities.
Expectations of Prepaid card management:
- All prepaid cards distributed within a calendar month must be reconciled by the 15th (or next business day) of the following month, unless required sooner for reporting purposes.
- Prepaid card use is strictly limited to payment of study subject/participant incentives for sponsored projects.
- Funds advanced for prepaid card use should not exceed the sponsored project’s budget for the expense to which the prepaid cards will be reconciled upon distribution.
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Procedure
I. Requesting an Advance for Prepaid Cards
Transaction Creation
- Complete Prepaid Card Set-Up Form
- Submit this to UNC Accounting Services for approval
Approval Process
- Accounting Services routes form and applicable information to OSP for approval
- Request is reviewed for completeness and allowability on the project by the assigned Sponsored Project Specialist
- If approved, Accounting Services will create and submit a journal entry advancing funds to the sponsored project for prepaid cards
- OSP Pre-Audit Technician approves or rejects the request
- The transaction will be subject to rejection without all required documents
- If approved, UNC Accounting Services will request sponsored project set up in the Bank of America Prepaid Card Administration Tool
II. Reconciling Prepaid Cards
Transaction Creation
Create a Campus Journal – Intraunit Other Journal Entry (JOT) in ConnectCarolina
- Create reconciling journal moving expenses from account code 559520 to the appropriate account code for the type of expense
- Complete and attach the following documents to the journal transaction:
- Reconciliation of Prepaid Cards for Study Subjects
- Original Advance Journal and Settlement Inquiry Screen (printout or screenshot)
- Copy of all relevant receipts, invoices, and/or other expense documentation
- Prepaid card activity report from the Bank of America Prepaid Administration Tool
- Submit journal for OSP Pre-Audit approval with sufficient time to meet appropriate reporting deadlines, as applicable.
- The total amount reconciled, including the current reconciliation, should not exceed the amount of the prepaid card advance.
Approval Process
- OSP Pre-Audit Technician reviews the journal documentation for completeness and allowability.
- The transaction will be subject to rejection without all required documents.
- OSP Pre-Audit Technician approves or rejects the reconciliation journal.
- If rejected the advance may be reconciled to non-sponsored funds.
Related Requirements
External Regulations and Consequences
Unit Policies, Standards, and Procedures
Contact Information
For questions regarding this procedure and its related operating standard, please contact SponsoredPrograms@unc.edu.
For questions regarding Pre-Award management or Post-Award administration, please contact the assigned Sponsored Projects Specialist (SPS).
For invoicing, reporting and other financial matters, please contact the assigned Sponsored Projects Accountant. OSP Staff assignments may be found in RAMSeS or on the OSP website.
History
History Table
| Date |
Description |
| 07/01/2022 |
Revised to reflect new office name. |
| 09/05/2021 |
Released new operating standard and procedure. |
The operating standards in the Office of Sponsored Programs Operating Standards & Procedures Manual supersede any OSP operating standards, procedures and appendices previously included in the University Business Manual, a publication of UNC-Chapel Hill’s Division of Finance.