Credit Card Cardholder Agreement

Why Do We Need Every Receipt?
Every year, our financial records are examined by an independent accounting firm that looks to see if CAN is spending its money in the way that CAN's contracts say the organization should.

For example, if Cropwalk gives CAN money for food and we spend it, CAN must have receipts for food in the amount they donated.

Every nonprofit that receives government funding, Washtenaw United Way funding, and Ann Arbor Area Community Foundation funding MUST have an annual audit.

Community Action Network is a recipient of these funds, and therefore, has to give its funders copies of CAN's annual audit every year.

The audit letter tells funders that CAN "passed the test" of using sound administrative practices. If we do not get this audit letter, we will not receive funding from most of our funders. 

The bookkeeper must have the receipts to cover all of the expenses CAN claims.

In order to help CAN's families, operate programs, work with our students, etc., we all need to follow sound administrative practices to keep CAN in business, which means holding on to and submitting the receipts of any purchases made with a CAN credit card.

Thank you for your help with taking care of CAN's financial records!

I am authorized to spend funds on behalf of CAN by use of a Community Action Network credit card, issued in my name by Capital One. I am personally accountable for the following:

a) Only I may use my credit card. The card may not be transferred to, assigned to, or used by anyone other than the designated cardholder. The credit card financial institution and CAN may suspend or cancel my cardholder privileges at any time for any reason.

b) All purchases must be made by me on behalf of and for the benefit of CAN.

c) I will protect the credit care from unauthorized use. I am responsible for the proper use of the card and must retain all original receipts to be submitted through Receipt Bank and to the bookkeeper weekly.

d) If the credit card is lost or stolen, I will immediately contact the Executive Director to request the account be frozen.

e) I am responsible for following up on erroneous charges, returns, or adjustments and ensuring proper credit is received on my account, including full credit of merchandise returned to a vendor.

f) Single transactions for unusual items and services may not exceed $200 without receiving written approval by the Executive Director. Usual purchases of food for the centers are not subject to this limit. 

g) I am responsible for ensuring that sales tax is not paid on any credit card purchase. CAN is exempt from paying sales tax: CAN Tax Exempt Letter

Failure to comply with this agreement may result in the suspension of my credit card or disciplinary action, up to and including termination. 

Required for opening cardholder account

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