Office of Sponsored Programs - 500.17, Procedure 1 - PrePaid Card Request & Reconciliation

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.

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.eduedu.

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.

Details

Article ID: 134186
Created
Thu 7/8/21 9:12 AM
Modified
Sat 7/2/22 3:37 PM
Effective Date
If the date on which this document became/becomes enforceable differs from the Origination or Last Revision, this attribute reflects the date on which it is/was enforcable.
07/01/2022 12:00 AM
Issuing Officer
Name of the document Issuing Officer. This is the individual whose organizational authority covers the policy scope and who is primarily responsible for the policy.
Issuing Officer Title
Title of the person who is primarily responsible for issuing this policy.
Vice Chancellor
Last Review
Date on which the most recent document review was completed.
07/01/2022 12:00 AM
Last Revised
Date on which the most recent changes to this document were approved.
07/01/2022 12:00 AM
Next Review
Date on which the next document review is due.
07/01/2023 12:00 AM
Origination
Date on which the original version of this document was first made official.
07/08/2021 12:00 AM
Responsible Unit
School, Department, or other organizational unit issuing this document.
Research-Office of Sponsored Programs