4. How it Works
 
4.1  Cardholder makes an authorized business-related purchase by charging it on their CSU P-Card. The Cardholder’s single transaction limit is $1,000.00 and the monthly spending limit is $15,000.00.

4.2 Cardholder retains all receipts and supporting documentation until the Monthly Commercial Card Statement is available.

4.3  The vendor submits the transaction to J.P. Morgan Chase for payment.

4.4  Cardholder reviews transactions daily/weekly on PaymentNet™ at www.paymentnet.com and, if necessary, reallocates each charge to the appropriate University account number/FOAP.

4.5   Primary Approving Official approves the Cardholder’s transactions on PaymentNet™.  In the absence of the Primary Approving Official, the Com Approving Official assumes responsibility.

4.6 The Fiscal Officer is responsible for ensuring the receipts are reconciled to the Commercial Card Statement from J.P. Morgan Chase.

4.7 Cardholder forwards the proper receipts, supporting documentation, Purchasing Card Monthly Commercial Card Statement to Accounts Payable.  Refer to #9.9 for deadline for submittal of documents.

4.8   Chicago State University pays J.P. Morgan Chase once each billing cycle.

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