The university’s Stored Value Card (SVC) program, which is administered by Procurement Services, is available for students and guests. The SVC offers a safer alternative to cash for prepayment of expenses that do not require receipts and are not tax reportable, such as per diem. The SVC is a debit card issued by Vantiv and is loaded with a dollar amount determined by the unit.
How does the program work?
The SVC requires completion of the following steps:
- Request Cards – The unit completes the SVC request form and submits it to Procurement Services to request cards for a specific university business purpose. The unloaded cards can be picked up and stored by the unit, then loaded close to the date of distribution.
Please note: cards cannot be ordered using Sponsored Funds. Discretionary funds need to be used to order cards.
- Load Cards – When cards are ready to be used, they will be “loaded”: that is, Procurement and Vantiv will assign a dollar amount to it. The unit’s authorized load requester completes the SVC Excel loader template form, including scheduled load dates, and sends it via email attachment to PS.firstname.lastname@example.org .The department should provide at least three business days’ notice to allow time to process the load. Procurement Services will notify the unit when the cards are loaded and ready for distribution to recipients. A separate form must be submitted for each load date and chartfield combination.
Please note: cards cannot be loaded on Sponsored Funds. Discretionary funds will need to be used when completing the SVC Excel Loader Template Form. Please see additional details below for funding cards.
- Funding Cards – Procurement will charge monthly to the chartfields provided by the unit on the SVC Excel loader template. This journal entry will expense each load performed throughout the month.
When appropriate, please request a journal entry to move the charges to the Sponsored Project. This can be completed after all required documentation has been gathered, specific to the Sponsored Project. Please reach out to your Sponsored Program’s contact with any additional questions
- Distribute Cards –The unit’s designated card custodian will distribute the cards and update the SVC distribution verification form after distribution. Recipients must sign a verification form as evidence of receipt of the card and subsequent loads. The unit sends the form with signatures via email to PS.email@example.com for reconciling and recording.
Stored Value Card program guidelines
Stored Value Cards:
- Are to be used for prepayments by guests or students who will make purchases that do not require receipts and are not tax reportable, such as per diem.
- Cannot be issued to university employees.
- That have been loaded with funds should be promptly disbursed to the recipients and not retained by the unit for future use.
- Can be retained by the recipient for potential loading of funds for future purpose(s).
Limits and thresholds
- Seven transactions per rolling 24-hour period
- $1,000 per rolling two-hour period
- Maximum of $700 per transaction
- Initial (one-time) load limit of $2,000
- Maximum balance on card of $5,000
- Daily reload maximum of $2,000 in a rolling 24-hour period
- $1,000 per reload
For general information about the program, contact the Procurement Solutions team by phone at (734)764-8212, option 2, or email firstname.lastname@example.org.
For other questions, email: PS.email@example.com.
When sending an email, please include “SVC Program” in the subject line.