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Essential Tips for Managing and Safeguarding Nonprofit Credit Card Use

ARTICLE | November 19, 2024

Authored by Vasquez + Company


Misuse of work-issued credit cards can be a costly problem for nonprofits. In "Work-issued Credit Cards: How to Prevent Staffer Abuse," we outline key strategies to protect your organization from credit card misuse. This includes establishing clear policies, setting limits, and enforcing proper supervisory procedures to safeguard resources and maintain accountability.

Key Points:

  • Authorized Use: Define who needs access to credit cards and when they should be issued.
  • Usage Rules: Clearly outline acceptable use and prohibit personal expenses.
  • Oversight Procedures: Require preapproval for charges, supervisor review, and monthly statement reconciliations.
  • Repayment Options: Outline steps for unauthorized charges without violating labor laws.

By establishing and enforcing a robust policy, nonprofits can help prevent employee misuse, protect financial resources, and maintain trust with stakeholders.

Read the full article here.

 


Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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